China Stocks May Face Resistance at 2,400 Level
China stocks may face resistance at the 2,400 level on Wednesday.
The benchmark Shanghai Composite closed higher by 1.20 percent to end at 2389.64 on Tuesday, it was the second day of gains.
Market Factors:
The chorus calling for an asymmetric rate cut is growing; advocates now include investment bank China International Capital Corp. and government think tank State Information Center.
A Xinhua news agency report says there won't be a repeat of the 4 trillion yuan ($502 billion) stimulus package that followed the global financial crisis, the focus this time round would be on "stabilizing growth," rather than "ensuring growth."
Stocks to Watch:
Property Stocks - Property transaction turnover in 54 Chinese cities for May hit a 16-month high, according to Centaline Property Research. Hexun website reports that Hunan province may relax some property curbs to help lift rigid demand for housing.
Pearl River Piano - Shares of the world's largest piano maker and China's best-known instrument brand will debut in Shenzhen Wednesday.
—By Cheng Lei, CNBC Asia Pacific