China stocks rise on policy cues from parliament meeting | Reuters - Firstpost
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China stocks rise on policy cues from parliament meeting | Reuters

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SHANGHAI China stocks climbed in early trading on Monday, extending strong gains over the past four sessions, as investors reacted positively to statements from top Chinese leaders at the annual parliament session over the weekend.

Hong Kong shares also had a positive start to the week, aided by an upbeat mood in the region, following Friday gains in U.S. and European markets, and continued rebound in oil and commodity prices.

The CSI300 index .CSI300 rose 0.6 percent to 3,113.50 points at 2:05 GMT, while the Shanghai Composite Index .SSEC gained 0.7 percent to 2,895.25 points.

The Hang Seng index .HSI in Hong Kong was up 0.3 percent, to 20,239.77 points.

China's top economic planner said on Sunday that the country's economy was not headed for a hard landing and was not dragging on the global economy, but uncertainty and instability in the global economy did pose a risk to growth. [nL4N16E03R]

Beijing has set a growth target of 6.5 percent to 7 percent for this year, and aims to run a fiscal deficit equivalent to 3 percent of GDP, up from the previous year's target of 2.3 percent.

China's start-up board ChiNext .CHINEXTC jumped over 3 percent in early trading, recovering much of Friday's sharp losses, after Beijing laid out its vision over the weekend to become a tech power over the next five years.

(Reporting by Samuel Shen and Nathaniel Taplin; Editing by Eric Meijer)

This story has not been edited by Firstpost staff and is generated by auto-feed.

First Published On : Mar 7, 2016 08:30 IST

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