At a briefing, China’s state planner National Development and Reform Commission said they were confident of reaching its economic targets this year and promised further support for growth but disappointed investors who were looking out for more stimulus measures.
The government will focus on accelerating the absorption of housing inventory, increasing the quality of homes and revitalizing existing land, among other targets, said NDRC Chairman Zheng Shanjie.
“The long-awaited conference this morning failed to deliver the expected signal of further strong stimulus,” said Pei Hao, an analyst at international brokerage Freight Investor Services.
Back on Dalal Street, NMDC shares fell 7.7% to dayβs low of Rs 211 on the BSE, while those of Tata Steel fell by 4.6% to Rs 156.70. Meanwhile, NALCO shares fell down by 6%.
Nifty Metal index fell 3.15% in todayβs intraday session, with 12 out 15 stocks trading in red, around 10:15 am. The metal index had also closed 4.2% lower last week ended October 4.A raft of monetary easing policies and property stimulus in the world’s second-largest economy in the past two weeks had sparked a global rally in metals.In the meantime, Chinese shares soared to two-year highs in frenzied trade on Tuesday, extending a blistering rally as mainland markets reopened after a week-long break, while Hong Kong shares slide as investors walked back some of the stimulus excitement.
The blue-chip CSI300 jumped 10% at the open and settled 6% higher in morning trade. The Shanghai Composite hit its highest since Dec. 2021 and was last up 5%.
Hong Kong shares, by contrast, sold off heavily with the Hang Seng down 6.8% as investors took profits and some mainland gains were not as big as some traders had hoped.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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