The Chinese government’s propping up of the stock markets has failed to revive trading turnover, which is down more than a third on the mainland and in Hong Kong, hurting stockbrokers’ income and share prices. The Shanghai Composite Index climbed above 4,000 points last week for the first time in three weeks, with many crediting rescue measures introduced by Beijing since July 4 for stabilizing the market. But the average daily turnover in Hong Kong has dropped below HKD100 billion since July 16 and stood at about HKD80 billion last week, down 70% from its April 9 peak of HKD293.91 billion at the start of a rally that took the Hong Kong and mainland markets to seven-year highs. Last week’s average turnover was also 36% lower than the HKD125.34 billion average for the first half of the year. Chinese markets have shared a similar fate, with turnover in Shanghai last week averaging about CNY650 billion, 50% down on its June 8 peak of CNY1.312 trillion and down 32% from the June average of CNY952.3 billion. Turnover in Shenzhen dropped to just CNY247 billion on July 10 when up to 60% of the companies listed there suspended trading of their shares. About 20% remained suspended last week, with daily turnover rising to about CNY600 billion, still just half the May 28 peak of CNY1.205 trillion. Hong Kong Securities Association Chairman Jeffrey Chan said investors understood that the improvement in share prices was due to the rescue measures implemented by Beijing and lacked fundamental support, the South China Morning Post reports.