China shares head north
On Wednesday, Chinese shares went up as property stocks surged for a second day and on surging expectations of state-owned enterprise reforms.
Trading volume in Shanghai, shrinking to a two-month minimum on Tuesday, remained relatively low amid indications that market participants are currently turning their focus to gold as well as bonds.
China's blue-chip CSI300 index CSI300 soared 0.2%, trading at 3,195.81 by the lunch break. At the same time the Shanghai Composite Index SSEC closed +0.3%, hitting 2,979.44.
In Hong Kong, key indexes slumped over 1%, tracking losses in global equity markets.
Lingering worries over China's economy kept haunting investors. Recently, a private survey has showed that growth in the services sector edged down in July, with poor expansions in activity prompting firms to shed staff for first time for four months.
In spite of the fact regulators are currently hoping to guide capital into the real economy with stricter rules, financial experts tell that liquidity is heading for perceived safe haven assets, including bonds and gold.