China stocks flat ahead of Fed meeting

Dhaka,  Monday,   2016-09-21
Published : 21 Sep 2016, 12:07:07

China stocks flat ahead of Fed meeting

China stocks flat ahead of Fed meeting
China's stock market was flat on Wednesday as investors remain focused on major central bank meetings.

Earlier on Wednesday, the Bank of Japan decided to adopt a target for long-term interest rates in an overhaul of its massive stimulus programme.

Markets are also watching out for the US Federal Reserve policy decision, due later in the global day.

Both hawkish and dovish comments from Fed officials recently have stoked volatility in financial markets, although consensus is now centred on a US rate hike by year-end.

On Wednesday morning, Chinese investors spent 1.8 billion yuan buying Hong Kong stocks via the Shanghai-Hong Kong Connect scheme, sustaining the pace of inflows over the past month.

Shares of major Chinese steelmakers jumped, as investors bet on the next target of government-led restructuring after the disclosure of merger plans between Baoshan Iron and Steel and Wuhan Iron and Steel, whose shares remained suspended from trading.

Mainland-listed Angang Steel jumped nearly 9.0 per cent.

Shares of Maanshan Iron & Steel gained 2.9 per cent in Shanghai, and 1.9 per cent in Hong Kong.

China's venture capital stocks, including Kunwu Jiuding Investment Holdings and Luxin Venture Capital also surged, after China published rules to promote healthy development of the industry, according to a news agency report.

-SRS-
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