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Chinese stocks soared on Tuesday as investor expectations grew for more economic stimulus from Beijing.
The mainland blue-chip CSI 300 index opened up 10.8 per cent after being closed since last Tuesday for a weeklong holiday, before slipping back slightly to trade 8 per cent higher.
Chinese authorities are set on Tuesday morning to outline a series of fiscal measures to complement the monetary stimulus blitz they launched at the end of September, which sent Chinese equities on a record rally.
Top officials from the National Development and Reform Commission, the state planning body, will present “a comprehensive set of incremental policies to solidly promote upward economic growth and structural optimisation and continue to improve the development trend”, according to an official agenda.
Hong Kong’s Hang Seng index, which was open for most of last week, fell more than 4 per cent in the morning session.
“Now [that] the mainland is open, people are selling Hong Kong to fund buying the real deal [mainland Chinese shares],” said one Asian trader who did not want to be identified.
This is a developing story
