Chinese Shares Rise as Major Economic Meeting Boosts Expectations of Fresh Stimulus Package

MT Newswires Live2024-11-04

Chinese shares rose on Monday on expectations of further stimulus amid the start of the Standing Committee of China's National People's Congress, a major meeting of the country's leaders that could bring fresh pledges to boost the economy.

The Shanghai Composite Index, the main gauge of Chinese stocks, rose 1.2% to 3,310.21. The Shenzhen Component Index climbed 2.0% to 10,663.10.

"Markets are alive with whispers of a fresh stimulus package, setting expectations sky-high and creating a buzz that's hard to ignore," the Associated Press cited Stephen Innes of SPI Asset Management, as saying.

In company news, shares of Sinopec Oilfield Service (SHA:600871) closed more than 3% higher Monday as the company's unit, Sinopec Oil Engineering and Construction, won the bid for the construction of an 834-kilometer long natural gas pipeline.

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