China's stock went up and on its second weekly gain thanks to reports of easing policies in China.
Speculated easing Chinese policies caused a second weekly increase in China's stocks, Bloomberg reports.
Dai Ming, financial manager at Hengsheng Hongding Asset Management Co. stated in Bloomberg, "The August economic data won't be good based on some leading indicators. The market will be pressured in the short term. But if the economy worsens, the government will release more targeted easing policies to support growth."
Meanwhile, more travels will be expected before the National Day holidays coming October, according to Bloomberg. The expected travel rush led to Air China Ltd, the country's largest international carrier and China Southern Airlines Co. advancing at least 2.1 percent in the stock market.
Other airline companies experienced a significant growth in the stock market due to the expected increase in travels. China Southern, the biggest carrier by fleet size, gained 3.4 percent. China Eastern Airlines Corp. (600115) meanwhile jumped 1.4 percent.
China's travel rush will be expected to kickoff before the National Day and end on Oct. 7, according to report dated Sept 10 by the Official Xinhua News Agency.
Aggregate financing flopped at 957.4 billion yuan in August compared to the 1.135 trillion yuan estimate.
On the contrary, local-currency loans grew to 702.5 billion yuan to an estimate of 700 billion yuan.
Meanwhile, Hollyland China Electronics Technology Corp. and Jolywood (Suzhou) Sunwatt Co. gained 44 percent on their first trading day. Shandong Jiangquan Industry Co. went up 10 percent after affirming it would be involved in backdoor listing.
The Shanghai Composite Index (SHCOMP) jumped 0.9 percent to 2,331.95 closing, pushing the benchmark to a 0.2 percent gain this week.
The CSI 300 Index gained 0.6 percent to 2,438.36. On the other hand, the Hang Seng China Enterprises Index (HSCEI) was little changed.
The Bloomberg China-Equity index, the measure of the most traded U.S.-listed Chinese companies, went down 0.5 percent yesterday.
