The CSI 300 Index was up more than 1% after the mid-day break Tuesday. That’s after a 1.2% gain in the previous session, when a 5.5% surge at the open cooled through the day. The moves follow weekend measures by authorities, which included the first cut in stamp duty since 2008 as well as curbs on share sales by major stakeholders.
Chinese equities have seen a miserable month given a slew of disappointing economic data, renewed concerns about the property sector and an unfolding crisis in the nation’s shadow banking system. Before the weekend policy boost, the CSI 300 Index had lost about 8%, on track for its worst month since October. US-domiciled hedge funds are net sellers of Chinese ADRs year-to-date, according to Morgan Stanley.
Foreign investor were buying Chinese equities on a net basis on Tuesday after dumping them through most of the month. Outflows via the trading links with Hong Kong are poised to reach a record in August.
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