February 13, 2018 / 1:55 AM / 9 days ago

China stocks open higher as global markets stabilise; govt support possible help

SHANGHAI, Feb 13 (Reuters) - China stocks opened sharply higher on Tuesday, in sympathy with strong global equities and after an affiliate of the country’s securities regulator encouraged major shareholders of listed firms to increase their holdings following last week’s sell-off.

The CSI300 index rose 1.5 percent to 3,947.38 points at 0136 GMT, while the Shanghai Composite Index gained 1.2 percent to 3,191.71 points.

Global equities rebounded strongly from a rout recently, providing the early boost to sentiment, while encouraging domestic news added to the improved backdrop.

China Securities Investor Services Center, directly managed by the China Securities Regulatory Commission (CSRC), on Monday urged share purchases by major shareholders, saying listed companies share the responsibility with regulators in protecting small investors’ interest.

Investors may also have been encouraged by data showing China’s banks extended a record 2.9 trillion yuan ($458.3 billion) in new yuan loans in January - blowing past expectations and nearly five times the previous month - suggesting economic growth will remain supported by robust lending.

The Hang Seng index in Hong Kong was up 1.3 percent, to 29,849.09 points, as global equities appeared to find a footing after last week’s turmoil. (Reporting by Samuel Shen and John Ruwitch Editing by Shri Navaratnam )

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