New Policies Boost China Auto Stocks as Markets Open Mixed
Zhang Yushuo
DATE:  Apr 01 2020
/ SOURCE:  yicai

(Yicai Global) April 1 -- China's mainland stock markets opened mixed this morning, with automotive shares leading gains thanks to preferential government subsidies.

The Shanghai Composite Index opened down 0.25 percent at 2,743.54, while the Shenzhen Component Index started 0.05 percent higher at 9,967.12. The ChiNext Price Index, which tracks growth enterprises listed in Shenzhen, opened up 0.18 percent at 1,875.36.

Car shares leaped after the State Council, China's cabinet, said yesterday it would extend subsidies and tax breaks for those buying new-energy vehicles for another two years.

Agricultural processors and dairy firms also gained, while plantation and textile stocks performed the worst.

Editor: James Boynton 

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Keywords:   auto,China's stock market,policy