SHANGHAI: Chinese stocks closed slightly higher on Thursday, while Hong Kong shares slipped, as the market struggled to rebound after authorities’ measures to boost recovery amid weak investor sentiment.
The blue-chip CSI 300 Index added 0.3%, and the Shanghai Composite Index rose 0.5% at close.
Hong Kong’s Hang Seng Index finished 0.2% lower, while the Hang Seng China Enterprises Index edged up 0.1%.
Broader Asian stocks slid to 11-month lows, US futures dropped and the dollar surged as Treasury yields rebounded toward peaks on fears that US interest rates will stay high.
Investors are making a tentative return to China’s beaten-down stock markets, after a slew of stimulus measures including state fund buying and a plan to issue 1 trillion yuan ($136.76 billion) of sovereign bonds.
Foreign investors bought a net 1 billion yuan of Chinese shares via the Stock Connect on Thursday, after eight consecutive sessions of net selling.
Shares in banks rose 1%, and automobiles jumped 2.3%, while real estate developers fell 1.1%.
In Hong Kong, tech giants added 0.3%, while mainland developers declined 1.4%.
Investor confidence still remained low, as domestic recovery and overseas risks were still overhung. Conflict in the Middle East was pushing up oil prices and denting appetite on global risk assets.
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