SHANGHAI: China stocks rose on Wednesday as traders found comfort in the likelihood of a negotiated end to the Ukraine conflict, although media reports on the latest regulatory move on China’s internet sector capped gains in the Hong Kong market.
** The CSI300 index rose 2% to 4,215.89 points at the end of the morning session, while the Shanghai Composite Index gained 1.3% to 3,245.22 points.
** The Hang Seng index added 1.2% to 22,180.69 points. The Hong Kong China Enterprises Index gained 1% to 7,585.15.
** Russia promised on Tuesday to scale down military operations around Kyiv and another city, but the United States warned the threat was not over as Ukraine proposed adopting a neutral status in a sign of progress at face-to-face negotiations.
** “Risk appetite among global financial markets had improved on the positive development in Ukraine-Russia peace talks,” said Zhang Yanbin, an analyst with Zheshang Securities.
China stocks fall as COVID surge, Shanghai lockdown weigh; tech boosts Hang Seng
** Real estate developers surged 5.3% on further easing bets on the cash-starpped sector, and financials gained 2.3%.
** Consumer staples and information technology stocks both added roughly 1.7%, tourism stocks rose 2.5%, while new energy shares jumped 2.8%.
** China reported 1,629 confirmed coronavirus cases and 7,196 new asymptomatic cases for March 29. The eastern part of China’s financial hub of Shanghai city, home to 23 million people, is in its third day of a lockdown.
** China’s factory activity likely shrank in March amid virus outbreaks, a Reuters poll showed.
** In Hong Kong, the Hang Seng Tech Index edged up 0.3% at midday break, after surging more than 2% in early morning trade, following a Wall Street Journal report that China is planning new curbs on the country’s $30 billion live-streaming industry.
** Short-video and live-streaming company Kuaishou Technology slumped roughly 5% after opening 8.3% higher, despite a 37.9% surge in full-year revenue.
** Mainland developers listed in Hong Kong gained nearly 4%, with Sunac China Holdings, China Aoyuan Group and Shimao Group surging more than 10% each.
Comments
Comments are closed.