“China’s stocks rebounded from a three-month low, as property shares jumped on speculation the government won’t impose any more real-estate curbs as economic growth slows and lower oil boosted auto companies and airlines.
China Vanke Co. (000002) and Poly Real Estate Group Co. led a gauge of developers to its biggest gain since February. SAIC Motor Corp. (600104) and China Eastern Airlines Co. rose at least 3.6 percent after Brent crude fell below $100 a barrel for the first time since July. China Life Insurance Co. and Ping An Insurance (Group) Co. gained after the government said it will allow shareholders to take bigger stakes in insurers.
“There was bargain hunting as investors took advantage of the earlier slump and the policy risk of property stocks has almost faded,” said Wu Kan, a Shanghai-based fund manager at Dazhong Insurance Co., which oversees $285 million. “Concern about economic growth lingers and will weigh on sentiment.”
The Shanghai Composite Index (SHCOMP) rose 0.6 percent to 2,194.85 at the close, erasing a loss of as much as 0.7 percent. The CSI 300 Index added 0.9 percent to 2,459.59. The Hang Seng China Enterprises Index (HSCEI) gained 0.3 percent.
The Shanghai index has fallen 9.8 percent from a Feb. 6 high amid concern steps to coolproperty prices will drag on growth. The Bloomberg China-US 55 Index (CH55BN) slid 3.3 percent yesterday and the Standard & Poor’s 500 Index fell 2.3 percent. U.S. stocks extended losses after explosions rocked the finish line area of the Boston Marathon. Three people were killed and at least 128 people were hospitalized, officials said…..”
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