SHANGHAI: Chinese shares rose on Wednesday, supported by materials, consumer and new energy firms after slower-than-expected December producer inflation made room for more monetary easing in the world's second-largest economy.
** At the midday break, the Shanghai Composite index was up 0.35% at 3,579.93.
** China's blue-chip CSI300 index was up 0.36%, with the new energy sub-index up 2.26%.
** Resource firms were 2.06% higher and the consumer staples sector was up 0.49%.
Tech-focussed STAR market lifts China shares; Hong Kong gains
** China's producer prices rose slower than expected in December after government measures to contain high raw material prices, while consumer prices slowed as food prices fell.
** Analysts expect moderating factory-gate inflation to offer more room for loosening monetary policy, as authorities seek to stabilise growth.
** Hong Kong-listed Chinese H-shares rose 2.2% to 8,552.76, while the Hang Seng Index gained 2.12% to 24,241.15.
** The Hang Seng Tech index was 3.86% higher at midday as tech firms led a rebound in equities after US Federal Reserve Chairman Jerome Powell gave less hawkish than expected comments in a testimony to Congress.
** JD.Com Inc, up 9.89%, was the top gainer among H-shares, followed by Meituan, gaining 9.33% and CNOOC Ltd, up 7.93%.
** Mainland developers capped broader gains in Hong Kong and were the top H-shares decliners.
** Sunac China Holdings Ltd fell 4.6%, China Overseas Land & Investment Ltd lost 2.63% and Country Garden Holdings Co Ltd slipped 2.04%.
** The mainland properties index fell 1.99%.
** The smaller Shenzhen index was up 0.7%, the start-up board ChiNext Composite index was up 1.36% and Shanghai's tech-focused STAR50 index was up 0.61%?.
** Around the region, MSCI's Asia ex-Japan stock index rose 1.16%, while Japan's Nikkei index gained 1.93%.
** The yuan was quoted at 6.3651 per US dollar, 0.13% firmer than the previous close of 6.3733.
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