SHANGHAI: China stocks rose on Friday, as data showed faster credit growth in January with monetary authorities pushing to bolster the economy, but bets of more aggressive US interest rate hikes after red-hot inflation data capped gains.
The CSI300 index rose 0.3% to 4,653.88 at the end of the morning session, while the Shanghai Composite Index gained 0.3% to 3,497.71.
The Hang Seng index added 0.1% to 24,943.65.
The Hong Kong China Enterprises Index gained 0.4% to 8,820.85.
** New bank lending in China more than tripled in January from the previous month, beating forecasts and hitting a record high. Growth of outstanding total social financing (TSF), a broad measure of credit and liquidity in the economy, also accelerated, touching a six-month high.
** Denting sentiment, the US consumer prices rose sharply in January, leading to the biggest annual spike in inflation in 40 years, which could fuel financial market speculation for a 50-basis point interest rate hike by the Federal Reserve next month.
** Chinese real estate developers gained 1.7% after a media report that China will allow real estate firms easier access to presale proceeds from residential projects, loosening a liquidity squeeze on the sector.
** Financials stocks, energy firms and liquor makers went up 1.8%, 3% and 2% respectively.
** However, the start-up market ChiNext declined 1.7%, and the healthcare sector lost 2.2%.
** Hong Kong shares edged up, as gains in financial names offset losses in tech giants.
** Hang Seng Finance Index was up 0.8% while the tech index retreated 0.5%.
** Mainland property firms listed in Hong Kong jumped 3%. Sunac China added 6.3% while China Aoyuan soared nearly 10%.
Comments
Comments are closed.