(Yicai Global) April 10 -- China's mainland stock markets rebounded as investors got over the low tides that dried up Western markets yesterday, and started buying into China's sunnier economic outlook.
The Shanghai Composite Index recovered some its earlier dips of over 1 percent to log a 0.39 percent drop at 3,226.93 points by lunch break. The Shenzhen Component Index fell 0.27 percent down to 10,407.96, after sliding nearly 1 percent earlier. The ChiNext Index, which tracks growth enterprises in Shenzhen, closed 0.71 percent down at 1,728.74, also rebounding from intraday lows.
The US and European markets fell in unison yesterday, as IMF lowered the global economic growth rate expectation as well as the latest US-EU trade row dragged market confidence, the dreadful sentiment was spillover to the major asia pacific markets, as almost all markets in the region trade in nagative territory in morning session.
But Chinese investors find certain solace in the brightening local economic outlook as the International Monetary Fund lifted its gross domestic product forecast for China 0.1 percentage point to 6.3 percent, citing recent progress made in the China-US trade talks, according to its latest World Economic Outlook report.
Editor: Emmi Laine