SHANGHAI: Chinese stocks rose on Thursday, led by property and financial shares, as sentiment improved after several major cities lifted home purchasing restrictions and on reports that local governments may potentially buy some unsold homes.
Hong Kong shares were also up. Property shares continued the rally, after reports that China is considering a plan for local governments nationwide to buy millions of unsold homes.
The CSI 300 real estate index and mainland property developers traded in Hong Kong jumped 3.6% and 5.7%, respectively.
China stocks extend rally on market rescue measures
Also helping the stock market is a stronger yuan.
China’s yuan firmed overnight, as the US dollar was broadly sold off after a milder US inflation report raised expectations the Federal Reserve will deliver at least two rate cuts this year.
The immediate focus for market participants will be a set of economic indicators, including home prices, retail sales and industrial output, due on Friday.
-
At the midday break, the Shanghai Composite index was up 0.48% at 3,134.97 points.
-
China’s blue-chip CSI300 index was up 0.78%, with its financial sector sub-index higher by 1.67%, the consumer staples sector up 0.82%, the real estate index up 3.59% and the healthcare sub-index up 0.41%.
-
Chinese H-shares listed in Hong Kong rose 1.82% to 6,864.35, while the Hang Seng Index was up 1.59% at 19,376.79.
-
The smaller Shenzhen index was up 0.84%, the start-up board ChiNext Composite index was higher by 1.14% and Shanghai’s tech-focused STAR50 index was up 0.57%.
-
Around the region, MSCI’s Asia ex-Japan stock index was firmer by 1.42% while Japan’s Nikkei index was up 0.81%.
-
The yuan was quoted at 7.2149 per US dollar, 0.04% firmer than the previous close of 7.2176.
Comments
Comments are closed for this article.