SHANGHAI: China stocks closed up on Wednesday as real estate and energy shares gained, while analysts said the new Omicron coronavirus variant and a meeting in December to chart next year’s course for the economy are in focus.
The blue-chip CSI300 index ended 0.2% higher at 4,843.85, while the Shanghai Composite Index gained 0.4% to 3,576.89 points.
Chinese Vice Premier Liu He expected this year’s annual growth to exceed the yearly target, and China will keep the continuity, stability and sustainability of macro policy for next year.
“In the short term, we have to pay attention to how overseas governments deal with the Omicron variant, while domestically, we need to focus on whether the Central Economic Work Conference in December will release further easing signals,” said Mary Xia, China Rates Market analyst at UBS Securities.
Real estate firms gained 1.8%, and energy shares jumped 3.4%.
Coal miners surged 3.7%, tracking gains in coal futures, buoyed by supply concerns as coal imports from Mongolia were disrupted by the recent outbreak of the Omicron coronavirus variant. The new energy sub-index, the machinery sub-index and the defence sub-index lost more than 1.1% each.
A private survey showed China’s factory activity fell back into contraction in November as subdued demand, shrinking employment and elevated prices weighed on manufacturers.
The survey which focuses more on small firms in coastal regions stood in contrast with those in an official survey on Tuesday.