SHANGHAI: China stocks rose on Friday, with continued strong buying by foreign investors helping benchmark indexes to cast off early losses, while cautious hopes on regulatory easing lifted tech firms in Hong Kong.
** At the midday break, the Shanghai Composite index was up 0.58% at 3,257.59 points.
** China’s blue-chip CSI300 index was up 0.41%, with automotive shares up 2.87%, industrial firms up 0.76% and the consumer discretionary sector 1.39% higher.
** The CSI300 has risen more than 2.5% this week, supported by inflows from foreign investors, putting it on track for its best week since early December.
** Foreign investors have bought 35.14 billion yuan ($5.25 billion) worth of A-shares in June so far, including 5.54 billion yuan on Friday morning, compared with 16.8 billion yuan for the entire month of May, according to data from East Money Information Co.
** Chinese H-shares listed in Hong Kong rose 0.16% to 7,618.67, while the Hang Seng Index was down 0.18% at 21,828.86.
** Tech shares in Hong Kong came back from a drop of more than 3% to rise 0.89% by midday. The index has risen nearly 9% this week, lifted by hopes of an easing regulatory crackdown on Chinese tech names.
** China’s central leadership has given billionaire Jack Ma’s Ant Group a tentative green light to revive its initial public offering (IPO), two sources with knowledge of the matter told Reuters.
** Approval of an Ant IPO “would just signal that this regulatory pressure that we’ve experienced for 12-plus months is unwinding, and that would be a very big statement,” said Andy Maynard, head of equities at China Renaissance in Hong Kong.
** The smaller Shenzhen index was up 1.13%, the start-up board ChiNext Composite index was higher by 0.98% and Shanghai’s tech-focused STAR50 index was up 0.98%.
** The yuan was quoted at 6.6910 per US dollar, 0.01% firmer than the previous close of 6.6920.
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