Central Huijin Investment lifts stake in four of China’s biggest banks to boost market confidence.
Shares of Bank Of China, Agricultural Bank of China, Industrial and Commercial Bank of China and China Construction Bank rose in early trading.
China's sovereign wealth fund Central Huijin Investment expects to continue increasing holdings over the next six months.China's sovereign wealth fund, Central Huijin Investment, increased its stake in four of the country's biggest banks late Wednesday in what is seen as a move to renew confidence in its stock market.Central Huijin boosted its stake in each lender by 0.01 percentage point for the first time since 2015.
Investor confidence in China's stock markets has been shaken by turmoil in its real estate sector as property giants such as Evergrande and Country Garden struggled to repay debt. So far this year, the CSI 300 is down nearly 5%.
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