SHANGHAI: China stocks slipped on Thursday, signalling a potential fatigue in their six-week rebound, while Hong Kong shares tracked regional markets higher after the US Federal Reserve pledged to stick to its rate cut plans.
Overnight, the Fed maintained its rates forecast between 5.25% and 5.5%, as expected, while nudging up the inflation forecasts. The median projection of policymakers for three 25-basis-point rate cuts this year remained unchanged from December. At the midday break, the Shanghai Composite index was down 0.2% at 3,073.37 points.
China’s blue-chip CSI300 index was down 0.17%, with the healthcare sub-index falling 0.58%. However, the financial sector sub-index rose 0.5%, while consumer staples sector logged a marginal 0.04% increase. Meanwhile, real estate outpaced the others with a 1.1% increase. Chinese H-shares listed in Hong Kong rose 1.56% to 5,894.3, while the Hang Seng Index was up 1.75% at 16,832.49. ** The smaller Shenzhen index was down 0.35%, the start-up board ChiNext Composite index was weaker by 0.49% and Shanghai’s tech-focused STAR50 index slipped 0.91%. Around the region, MSCI’s Asia ex-Japan stock index was firmer by 1.91%, with Japan’s Nikkei index rising 1.72%.
The yuan was quoted at 7.1987 per US dollar, 0.03% weaker than the previous close of 7.1967.
The largest percentage gainers in the main Shanghai Composite index were Kunshan Guoli Electronic Technology Co Ltd , up 13.12%, followed by Chengdu JOUAV Automation Tech Co Ltd, gaining 10.57% and Beijing Haitian Ruisheng Science Technology Ltd, up 10.32%.
The Shanghai index marked the largest percentage losses, with Shanghai Datun Energy Resources Co Ltd declining by 6.969%.
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