China shares jump despite Greece poll

Mainland Chinese shares surged nearly 8% on Monday despite the rest of Asian markets trading lower on Greece's rejection of austerity demands.
.
The Shanghai Composite was up 2.6% to 3,783.69 after the government announced measures over the weekend to stabilise the tumbling stock markets.
In an unprecedented move, brokerages and fund managers vowed to buy massive amounts of stocks backed by the state.
But, Japan's Nikkei 225 was down 1.3% to 20,281.99 on Greece's "no" vote.
The euro fell across the board after Greek voters overwhelmingly rejected the conditions of a bailout package from its creditors in a referendum, increasing the odds of the country's exit from the eurozone.
The euro was at $1.1055 in Asian trade, recovering from one-month lows it hit earlier in the day.
Investors fled to the safe haven of the yen that rallied against the dollar and euro after Greek voters rejected the bailout terms by a wider margin than expected.
The euro fell 1.5% to a six-week low of 133.700 yen, but then recovered some losses to trade up to 135.41. However, it is still down from Friday's 136.185 yen.
Major commodities such as oil were also down with the price of Brent crude falling more than 1% to $59.72 in Asian trade.
Officials step in
Governments and central banks in South Korea and Japan were set to meet later in the morning to handle the impact on the markets from Greece's "no" vote, they said.
"The direct economic and financial relations between Japan and Greece are limited. But government and BOJ (Bank of Japan) officials have held discussions" early this morning to ensure Japan responds smoothly to any market response as needed, Governor Haruhiko Kuroda said in a statement.
In South Korea, the benchmark Kospi index was down 0.8% to 2,088.66, while, Australia's S&P/ASX 200 index fell 1.3% to 5,468.30.
Hong Kong's Hang Seng index was down 0.9% to 25,828.71 points.
Shane Oliver, head of investment strategy and chief economist at AMP Capital Investors said that while the Greek no vote means more uncertainty ahead for the eurozone, the impact on the markets will be short lived.
"The threat of a flow on to other eurozone countries is likely to keep markets on edge in the short term," he said in a note.
"However, contagion is likely to be limited as the rest of Europe is now in far stronger shape than was the case in the 2010-12 euro zone crisis and defence mechanisms against contagion are now stronger."
Support for China shares
On Monday, three Chinese asset managers said they would commit a combined 210m yuan ($33.85m: £21m) of their own money to buy equity funds, as part of a concerted effort by institutional investors to stabilise the market.
Harvest Fund Management said it would spend 50m yuan, Yinhua Fund Management would spend 90m yuan, and the asset management arm of Orient Securities would commit 70m yuan to buy equities.
Over the weekend, the China Mutual Fund Association said 25 fund firms pledged to buy shares, while another 69 fund firms said they would do the same, as part of emergency measures to boost investor confidence.
The Shanghai Composite has fallen nearly 30% over the last three weeks, despite an interest rate cut by the central bank the week earlier - and other measures to support the market.
User Comments:
- First T-20 match without shakib and tamim india loss
- At the age of 85, goodbye to cricket
- Shakib Ranking position change
- Bangladesh ended the first day of the unbeaten century
- Saif Hassan disappointed the chosen in the first roles
- Proteas defeats the Lankan in 2nd ODI
- IDB expresses concern over changes in Islami Bank
- 20 potential ECS names nominated
- Could not believe that Sunny Leone wanted him in 'Laila Main Laila' Shah Rukh Khan
- India beat England in the 1st T20 match
- Look your best on Valentine's Day
- Priyanka said that India will always be identified
- Global banking rules agreement 'once the dust settles in the United States
- May trumpet as host of the first foreign leader
- Do not interfere in the Bangladesh case, Qadir says foreign
- Turkey's ambassador to Dhaka
- 'Ice Age: New trailer collision: the threat of global asteroids
- Bale hits real winner
- Woman found dead in a city hotel
- Withdrawal of unemployed nurses strike
- Tangail filed on Hindu murder case
- Foreign Minister meets King Abdullah Foundation trip in Saudi Arabia, Prince Turkey
- Hasina praised Bangladesh bowling sensation Mustafizur
- Rains in Sylhet, the heat wave plays extra time in the rest of Bangladesh
- BNP chief Khaleda sees more danger than ever before in Bangladesh
- I do not want it, I want to win: Dunga
- Asks the Bangladesh government to take a strong position against killer:Denmark
- My mom is not here to meet Neetu Kapoor, Katrina Kaif clear
- ICC World T20: England Qualify For Final
- Tonu murder sad every part of the army, says ISPR
- ADB Bangladesh sees FY GDP growing at 6.7% in 2015-16
- Court orders arrest of Khaleda's deadly bus firebombing in Dhaka
- Standard Chartered cards stop working due to a down server
- Corruption can progress obstruction of a country: President
- The uncertainty of the cloud cleared, Hero 420, released Friday
- To suggest pollution to protect your skin
- Trouble in Parliament to answer questions on the delay Interior Minister
- Hasina urges teachers to promote sports
- 5D can record human history!
- I'm still a child, says Kareena
- Saudi, Russia agreed oil production freeze
- Twenty20 World Cup announced
- The death of former chief Boutros-ghali UN
- Arrest warrant issued against Daily Star editor
- Per capita income of Bangladesh 2014-15, increasing to $ 1.316 in fiscal year
- Khaleda Zia subcommittees for BNP
- BSMMU Abdul Hannan appointed new Register
- Citizens can update fingerprints for the ceremony at the office
- Executes N Korea army chief
- Twenty20 Women World Cup team announced
- Star Journo concern over the threat to the leader, its editor
- US 'Intel warning of the details of the terrorist group in Bangladesh
- To be tried Padma bridge 'conspirators': Prime Minister
- Road crashes: High Court order on all hospital emergency service
- muslin and fund research: analyst
- Chief Justice appeal eats division into three judges
- Keraniganj prime murder suspect killed in shootout school Abdullah: RAB
- Bangladesh lost a High Court for staff accommodation
- ICT sentence Taher, Noni Netrokona death
- Ghazipur knife 2 DB
- French minister at the UN sends carbon pricing
- '' Now it Rabby no bar
- Khulna JCD President Kamran held
- Police want Bank Medical College
- Fakhrul went to Singapore for treatment
- Apple warns iPhone sales to fall
- Kristen Stewart speaks up on gender inequality
- China to increase JVs in Bangladesh
- Konta 33-year British drought to break beats Zhang
- India waives visa fees Bangladesh
- Patient's death: 2 CTG doctors get bail
- Specialised police to combat terrorism: PM
- The school forced students to buy additional books
- Romance to change you as a person does
- AL betrayed the spirit of liberation war: khalida
- World Cup 2015: Dhoni's men will be wary of Bangladesh
- An eve teasing incident scarred my life
- Man allegedly kill wife
- 44 years later widows receive justice: sajib wazed joy
- Employee bonuses decline at Cognizant
- Happy loses Lawyer
- Shamsul Hoque Khan School top....... in Dhaka broad
- BNP leader Nasir Uddin Ahmed Pinto dies
- Proteas defeats the Lankan in 2nd ODI
- Dr. Yunus...................Three Zero Theory
- Turkey's ambassador to Dhaka
- 20 potential ECS names nominated
- Mashrafe-Rubel broke the English lineup
- Think different! Try sex in storeroom
- Khaleda Zia subcommittees for BNP
- IDB expresses concern over changes in Islami Bank
- High Court says : Why not second time in DU
- Woman found dead in a city hotel
- Kim Kardashian to strip nude again
- Tangail filed on Hindu murder case
- Refused bail petition of ..... Ruhul Kabir Rizvi
- Could not believe that Sunny Leone wanted him in 'Laila Main Laila' Shah Rukh Khan
- Romance to change you as a person does
- Finance Minister AMA Muhith to place budget for seventh time... Budget
- Look your best on Valentine's Day