SHANGHAI: China stocks tracked other Asian markets higher on Thursday, as investors assessed US interest rate outlook, with banking shares leading the gains.
Asian stocks made their biggest gains in a month on Thursday, while the dollar took a breather and bond markets steadied. Oil found support following its sharpest fall in two-and-a-half months on demand worries and the lack, so far, of an obvious Israeli or US response to Iran’s weekend attack on Israel.
At the close, the Shanghai Composite index was up 0.09% at 3,074.22.
The blue-chip CSI300 index was up 0.12%, with its financial sector sub-index higher by 1.08%, the consumer staples sector up 0.45%, the real estate index down 0.74% and the healthcare sub-index down 1.05%.
The smaller Shenzhen index ended down 0.11% and the start-up board ChiNext Composite index was weaker by 0.547%.
However, investors are still wary about geopolitical tensions, as President Joe Biden on Wednesday called for sharply higher US tariffs on Chinese metal products as part of a package of policies aimed at pleasing steelworkers in the swing state of Pennsylvania, at the risk of angering Beijing.
The Hang Seng index was up 134.03 points or 0.82% at 16,385.87. The Hang Seng China Enterprises index rose 0.94% to 5,803.86.
The sub-index of the Hang Seng tracking energy shares dipped 0.9%, while the IT sector rose 0.55%, the financial sector ended 1.78% higher and the property sector rose 0.34%.
Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.84%, while Japan’s Nikkei index closed up 0.31%.
The largest percentage gainers in the main Shanghai Composite index were Traffic Control Technology Co Ltd , up 20%, followed by Sinocelltech Group Ltd , gaining 14.82%, and Eyebright Medical Technology Beijing Co Ltd, up by 10.46%.
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