SHANGHAI: China stocks rose on Thursday after a set of key policy rates and lending benchmarks were cut to prop up a slowing economy, with investors pinning hopes on further easing in policies by Beijing.
The CSI300 index rose 1.1% to 4,833.21 at the end of the morning session, while the Shanghai Composite Index gained 0.3% to 3,568.35.
The Hang Seng index added 2.3% to 24,689.32. The Hong Kong China Enterprises Index gained 2.9% to 8,682.55.
** The one-year loan prime rate (LPR) was lowered by 10 basis points, and the five-year LPR was reduced by 5 basis points - the first reduction since April 2020.
China stocks fall as investors book profit in EV, healthcare firms
** The CSI300 banks index rose 2.4%, while consumer staples added 1.9%.
** Real estate developers gained 1% after Reuters reported China is drafting nationwide rules to make it easier for developers to access funds from sales still held in escrow accounts, in its latest move to ease a severe cash crunch in the sector.
** Chipmakers eased 0.3%, as China's industry ministry projected tight supplies of semiconductors to continue over a relatively long period of time.
** The Shanghai Stock Exchange (SSE) said it has asked companies listed on the Nasdaq-style STAR Market to disclose environmental, social and governance (ESG)-related information in their annual reports.
** In Hong Kong, the Hang Seng Tech index rose 3.3%, with Tencent Holdings, Alibaba Group and Meituan gaining between 4.4% and 6.9%.
** China's cyberspace regulator denied on Wednesday issuing a document with new guidelines for the nation's big internet companies that would require them to seek approval for new investments and fundraising.
** Mainland developers listed in Hong Kong jumped nearly 5%, with Shimao Group, Country Garden Holdings , Sunac China Holdings up between 6% and 12%.
** The Hang Seng Finance Index rose 1.6%, with insurer AIA Group up 4.8%. Consumer staples added 2.8%.
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