At the midday break, the Shanghai Composite index was up 1.6% at 2,765.12 points, having reached its highest level since March 18 in morning trade. The blue-chip CSI300 index was higher by 2% and also hit its one-week high.
HONG KONG: China stocks hit a one-week high on Wednesday on hopes that the U.S. Congress would pump trillions of dollars to support the world's largest economy during the Covid-19 coronavirus pandemic.
Also helping sentiment, Mainland China reported a drop in new confirmed coronavirus cases on Wednesday as imported infections fell and no locally transmitted infections were reported.
At the midday break, the Shanghai Composite index was up 1.6% at 2,765.12 points, having reached its highest level since March 18 in morning trade. The blue-chip CSI300 index was higher by 2% and also hit its one-week high.
CSI300's financial sector sub-index climbed 1.5%, the consumer staples sector gained 1.9%, the real estate index added 1.8% and the healthcare sub-index rallied 3.4%.
Chinese H-shares listed in Hong Kong rose 2.1%. The Hang Seng Index also climbed 2.1% to 23,143.24. The smaller Shenzhen index was up 2.1% and the start-up board ChiNext Composite index gained 2.5%.
Senior Democrats and Republicans in the divided U.S. Congress said on Tuesday they were close to a deal on a $2 trillion stimulus package to limit the economic damage from coronavirus pandemic.
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