China’s stocks rose to a two-month high and bonds advanced after the central bank cut interest rates for a sixth time in a year as the nation’s leaders gather this week to map out a five-year plan for the world’s second-largest economy.
The Shanghai Composite Index increased 0.5 percent to 3,429.58 at the close, the highest level since Aug. 21. Technology companies led gains, with Wangsu Science & Technology Co. surging 3.5 percent. The 10-year bond yield dropped to the lowest level since 2009 and interest-rate swaps declined by the most in two months.
The Shanghai gauge has rebounded 17 percent from this year’s low on Aug. 26 as the government took measures to stabilize the stock market after a $5 trillion rout and policy makers introduced more measures to boost growth amid the slowest economic expansion in a quarter of a century. The People’s Bank of China on Friday announced a 25 basis-point cut in the benchmark lending rate, while reserve-requirement ratios for lenders were reduced by 50 basis points. The Communist Party meets for its fifth plenary session from Monday.
China Life Insurance Company Ltd. (ADR) (NYSE:LFC) together with its subsidiaries, operates as a life insurance company in the People’s Republic of China. The company operates through Life Insurance Business, Health Insurance Business, Accident Insurance Business, and Other Business segments. China Life Insurance Company Ltd. shares are trading 44.64% above their 52 week low price after the last close and -23.05% below the 52 week high. Its latest closing price was down -2.18% from the average-price of 200 days while it kept its distance from the SMA50 at 14.12% and 9.32% compared with the SMA 20.
Shares of Momo Inc (ADR) (NASDAQ:MOMO) were 34.21% off 52 week lows as of the latest close and – 35.90% below the 52 week high. Its latest closing price was below -1.90% from the average-price of 200 days while it maintained a distance from the SMA 50 at 1.44% and -0.70% compared with the SMA 20. Momo Inc operates a mobile-based social networking platform in the People’s Republic of China. The company enables users to establish and expand social relationships based on location and interests.
Mindray Medical International Ltd (ADR) (NYSE:MR) develops, manufactures, and markets medical devices worldwide. The company operates in three segments: Patient Monitoring and Life Support Products, In-Vitro Diagnostic Products, and Medical Imaging Systems. The stock’s latest price traded at 9.77% off 52 week lows after the closing bell and was -28.22% behind its 52 week high. Its latest closing price was -11.49% below the SMA200 while the distance from the SMA 50 and SMA 20 was -1.20% and 0.85% respectively.
China Ming Yang Wind Power Group Ltd (NYSE:MY) is trading 23.66% higher than the 52 week low price and –39.79% below the 52 week high. The stock’s latest closing price was -9.55% down from the average-price of 200 days while it kept its distance from the SMA50 at 8.26% and 7.08% compared with the SMA 20. China Ming Yang Wind Power Group Ltd designs, manufactures, sells, and services megawatt-class wind turbines in the People’s Republic of China. The company provides wind turbines with a rated power capacity of 1.5MW and 2.0MW; 2.5/3.0MW SCD; and 6.0/6.5MW SCD wind turbines.
The9 Limited (ADR) (NASDAQ:NCTY) together with its subsidiaries, operates as an online game developer and operator in the People’s Republic of China. The9 Limited so far this year has moved down -29.68% and its monthly performance stands at -4.39%. The stock was up 21.11% from its 52 week low and was -51.56% below the 52 week high. Its latest closing price was down -21.51% from the average-price of 200 days while it kept its distance from the SMA50 at -6.26% and -0.68% compared with the SMA 20.