SHANGHAI: China stocks rose on Monday, buoyed by fresh government stimulus and improving credit data, but technology and property sector shares dragged the Hong Kong market lower.
China’s bluechip CSI300 Index rose 0.74% by the lunch break, while the Shanghai Composite Index climbed 0.84%. In Hong Kong, the benchmark Hang Seng Index dropped 0.58%, its fourth straight session of declines.
New bank lending in China beat expectations by nearly quadrupling in August from July’s level. Earlier on Saturday, government data shows consumer prices returned to positive territory in August.
China’s financial regulator on Sunday reduced the risk weighting it attaches to insurance companies’ holdings of blue-chip shares and tech stocks.
“This strategic modulation in risk factors signifies an expanded gateway for insurance companies to channel more resources into the capital market,” OCBC Bank analyst Tommy Xie wrote.
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