Shanghai stocks edge up as China exports data supports

SHANGHAI: Shanghai stocks edged higher on Monday, with tourism and new energy shares leading the gains, as investors latched on to data out over the weekend that showed China's exports beat forecasts in October to deliver a record trade surplus.

The Shanghai Composite Index edged up 0.1% at 3,495.04 points, while the CSI300 index dipped 0.1% to 4,840.14 points at the end of the morning session.

The Hang Seng index dropped 0.6% to 24,728.63 points. The Hong Kong China Enterprises Index lost 0.5% to 8,774.76.

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** China's export growth slowed in October but beat forecasts, helped by booming global demand ahead of winter holiday seasons, an easing power crunch and an improvement in supply chains that had been badly disrupted by the coronavirus pandemic.

** "The strong exports help to mitigate the weakening domestic economy, but we think it is unlikely to revert the trend. We continue to expect GDP growth to slow in Q4," Zhiwei Zhang, chief economist at Pinpoint Asset Management said.

** Tourism stocks surged more than 5% after Pfizer Inc (PFE.N) said its experimental antiviral pill to treat COVID-19 cut by 89% the chance of hospitalization or death for adults at risk of severe disease.

** The development in anti-viral drugs is one of the factors that Beijing might consider to end its zero-COVID strategy, analysts said, which would boost tourism.

** The new energy sub-index, the new energy vehicles sub-index and the environmental governance sub-index rose between 2.4% and 3.3%.

** China has a "long way to go" on environmental protection, its State Council acknowledged on Sunday.

** State Council said it would be tough to tackle pollution and ensure that carbon emissions peaked in 2030 and carbon-neutrality would be achieved by 2060.

** Heavy losses among tech giants and healthcare stocks weighed in the Hang Seng Index.

** The Hang Seng Tech Index dropped 1.4% while the healthcare sub-index lost 3.6%.

** Cansino Biologics Inc, one of China's COVID-19 vaccine makers, slumped more than 15% on Pfizer's advancement in coronavirus medicine.