Chinese brokerages promise market support, firms set buybacks as trade war intensifies

Reuters

Tue, Apr 8, 2025, 8:28 PM 2 min read

SHANGHAI/SINGAPORE (Reuters) - Top Chinese brokerages person pledged to assistance dependable home stock prices successful a concerted effort, the Shanghai bourse said, and scores of listed companies unveiled banal buying plans, arsenic the section marketplace reels from an escalating commercialized war.

The Shanghai Stock Exchange said precocious connected Tuesday it held a gathering with 10 brokerages to accent the value of stabilising markets successful the look of outer shocks.

The participants, including Citic Securities, Orient Securities and Industrial Securities, expressed optimism astir China's maturation prospects, and vowed to dependable the market, it said successful a statement.

The United States said connected Tuesday that 104% duties connected imports from China volition instrumentality effect soon aft midnight, intensifying commercialized tensions that person already roiled planetary markets and smacked Chinese shares.

The brokerage gathering represents an acceleration of efforts by Chinese authorities to effort and bounds the harm from the commercialized war, aft Central Huijin and respective different state-backed investors vowed to summation banal holdings to dependable markets.

Separately, much than 100 Chinese listed companies person published announcements regarding stock purchases oregon buybacks to bolster assurance successful a marketplace that slumped to six-month lows this week.

Construction machinery shaper Sanyi Heavy Industry Co said it bought backmost 5 cardinal shares worthy 92.9 cardinal yuan ($12.64 million) done the nationalist marketplace connected Tuesday.

XCMG Construction Machinery said it plans to bargain backmost the company's shares worthy up to 3.6 cardinal yuan.

More than 20 listed companies controlled by the cardinal authorities unveiled buyback plans nether the guidance of China's authorities plus regulator.

They see salient lipid companies PetroChina and Sinopec, arsenic good arsenic powerfulness generators specified arsenic China Shenhua Energy Co and GD Power Development.

($1 = 7.3475 Chinese yuan renminbi)

(Reporting by Samuel Shen and Tom Westbrook; Editing by Muralikumar Anantharaman)