HONG KONG: China stocks rebounded in the noon session on Tuesday as investors looked forward to an upcoming high-profile Shanghai forum announcing further market-friendly measures.
The China Securities Regulatory Commission (CSRC) will unveil capital market-related policy measures at the Lujiazui Forum this Saturday, the securities watchdog said during a media briefing on Tuesday, raising hopes of further supportive policies.
Property stocks led the gains with CSI 300 Real Estate Index and Hong Kong-listed mainland property developers advanced 2.5% and 2.6%, respectively.
Citi analysts said they expect the property sector to “re-rate” as recent policy measures reflect a “clearer top-level determination to stabilize the property industry with all-round policy turnaround and to accelerate the sector soft-landing.
At the close, the Shanghai Composite index was up 0.41% at 3,091.20. The blue-chip CSI300 index was up 0.75%, with its financial sector sub-index higher by 0.52%, the consumer staples sector up 0.76%, and the healthcare sub-index up 1.73%.
The smaller Shenzhen index ended up 0.45% and the start-up board ChiNext Composite index was higher by 1.327%.
In Hong Kong, the Hang Seng index was up 41.07 points or 0.22% at 18,444.11. The Hang Seng China Enterprises index rose 0.34% to 6,554.32.
The sub-index of the Hang Seng tracking energy shares dipped 2%, while the IT sector rose 0.7%, the financial sector ended 0.39% lower and the property sector rose 1.05%.
Around the region, MSCI’s Asia ex-Japan stock index was weaker by 1.41%, while Japan’s Nikkei index closed down 0.22%.
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