SHANGHAI: China stocks rose on Thursday as global markets rebounded from recent slumps due to the Ukraine crisis, boosted by hope of some headway towards peace, with sentiment aided allaying comments and measures by the country’s official media and companies.
The CSI300 index rose 2.3% to 4,323.47 at the end of the morning session, while the Shanghai Composite Index gained 1.9% to 3,318.55.
The Hang Seng index added 1.3% to 20,888.30.
The Hong Kong China Enterprises Index gained 1.2% to 7,273.17.
** Around the region, Asian shares tracked Wall Street higer, as planned diplomatic talks between Russia and Ukraine buoyed sentiment, although analysts warned the rally could be susceptible to a sharp reversal as risks remain.
** Dozens of companies voluntarily disclosed their strong monthly performance, which was rarely seen before, to stablise investor confidence. State media also have sought to reassure investors, after the country’s financial markets slumped to more than 20-month lows.
** “Both on and offshore markets are very oversold,” Hao Hong, Head of Research at Bocom International said in a note. “ As the outlook in Ukraine clears, the focus of the market will be back to the conflicts of the economic cycles between China and the United States.“
** The start-up board ChiNext Price Index added 3.3%.
** Consumer staples gained 2.7%, with liquor makers up more than 4%.
** Healthcare shares rose 3.6%, machinery and chemicals firms surged more than 4% each.
** New energy shares jumped more than 5%, with battery giant Contemporary Amperex Technology Co up 4.9%.
** In the Hong Kong market, the Hang Seng Tech Index was up 1.6% at midday break after jumping as much as 4.4%, with new energy carmakers Li Auto and Xpeng soaring more than 8% each.
** Financials stocks and healthcare firms went up 1.9% and 1.8% respectively.
** However, energy shares retreated 1.2%, led by oil firms, following an overnight slump in oil prices.
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