China's Stock-Market Resurgence Hits Roadblock on Lack of New Stimulus Measures
'The outcome represents a setback for those anticipating additional swift action from Beijing,' say UBS analysts. Chinese stocks rallied in the first day back from their long holiday, but disappointment that Beijing announced no further stimulus measures saw gains sharply pared and left Hong Kong with chunky losses.The CSI 300 XX:000300, an index of the biggest mainland A-shares traded in Shanghai and Shenzhen, jumped 11% at the open on Tuesday as investors resumed buying after China's mainland markets were closed for the Golden Week break.However, that left the Hang Seng especially vulnerable to any disappointment-led profit-taking, and it tumbled over 9% on Tuesday, led lower by property companies such as Longfor Group , which lost 23%.However, Zheng Shanjie, chair of the NDRC, left traders dissatisfied after revealing no fresh stimulus proposals and telling reporters at a press conference in Beijing that he had "full confidence" the economy would reach its official full-year growth