AIRLINK 62.48 Increased By ▲ 2.05 (3.39%)
BOP 5.36 Increased By ▲ 0.01 (0.19%)
CNERGY 4.58 Decreased By ▼ -0.02 (-0.43%)
DFML 15.50 Increased By ▲ 0.66 (4.45%)
DGKC 66.40 Increased By ▲ 1.60 (2.47%)
FCCL 17.59 Increased By ▲ 0.73 (4.33%)
FFBL 27.70 Increased By ▲ 2.95 (11.92%)
FFL 9.27 Increased By ▲ 0.21 (2.32%)
GGL 10.06 Increased By ▲ 0.10 (1%)
HBL 105.70 Increased By ▲ 1.49 (1.43%)
HUBC 122.30 Increased By ▲ 4.78 (4.07%)
HUMNL 6.60 Increased By ▲ 0.06 (0.92%)
KEL 4.50 Decreased By ▼ -0.05 (-1.1%)
KOSM 4.48 Decreased By ▼ -0.09 (-1.97%)
MLCF 36.20 Increased By ▲ 0.79 (2.23%)
OGDC 122.92 Increased By ▲ 0.53 (0.43%)
PAEL 23.00 Increased By ▲ 1.09 (4.97%)
PIAA 29.34 Increased By ▲ 2.05 (7.51%)
PIBTL 5.80 Decreased By ▼ -0.14 (-2.36%)
PPL 107.50 Increased By ▲ 0.13 (0.12%)
PRL 27.25 Increased By ▲ 0.74 (2.79%)
PTC 18.07 Increased By ▲ 1.97 (12.24%)
SEARL 53.00 Decreased By ▼ -0.63 (-1.17%)
SNGP 63.21 Increased By ▲ 2.01 (3.28%)
SSGC 10.80 Increased By ▲ 0.05 (0.47%)
TELE 9.20 Increased By ▲ 0.71 (8.36%)
TPLP 11.44 Increased By ▲ 0.86 (8.13%)
TRG 70.86 Increased By ▲ 0.95 (1.36%)
UNITY 23.62 Increased By ▲ 0.11 (0.47%)
WTL 1.28 No Change ▼ 0.00 (0%)
BR100 6,941 Increased By 63.6 (0.92%)
BR30 22,802 Increased By 233 (1.03%)
KSE100 67,142 Increased By 594.3 (0.89%)
KSE30 22,090 Increased By 175.1 (0.8%)

SHANGHAI: China and Hong Kong stocks ended mostly positive territory on Wednesday, with some key indexes finishing at multi-week highs, led by gains in developers on rising hopes that the Chinese government would roll out supportive measures to prop up the country’s ailing property sector.

China stocks end a tad lower

** At the close, the benchmark Shanghai Composite index climbed 0.5% to record the highest closing price since July 20, while the blue-chip CSI 300 index was up 0.9%, the loftiest close since July 28.

** In Hong Kong, the benchmark Hang Seng Index advanced 0.5%, while Chinese H-shares listed in Hong Kong gained 0.4%.

** The property sector was among the top gainers after sources told Reuters that China would guarantee new onshore bond issues by a few select private developers to support its embattled property sector, while the state planner said it would boost economic demand and speed up infrastructure projects.

** The CSI real estate index jumped 3.52%. However, Chinese developers listed in Hong Kong gave back all intraday gains to ease 0.24% by the end of the session, as some analysts and economists said the policy support was far from enough.

** “The policy response to the deteriorating property sector may be too slow and uncoordinated in the lead-up to the once-in-a-decade political reshuffle,” said Lu Ting, chief China economist at Nomura.

** “The credit support Chinese regulators plan to provide to select developers could be of some help, though it’s far from a comprehensive solution to the big woes in the property sector.”

** Separately, Premier Li Keqiang pledged that China would step up macroeconomic policy support for the economy, after a slew of key economic gauges, including credit lending data and activity indicators, showed growth unexpectedly slowed last month.

** Li made the comment during a video meeting with senior officials from six major provinces - Guangdong, Jiangsu, Zhejiang, Shandong, Henan and Sichuan.

** “In our view, the meeting highlighted the urgency to fuel the recovery momentum but the focus remained on the implementation of existing pro-growth measures, instead of introducing new growth initiatives,” said Ken Cheung, chief Asian FX strategist at Mizuho Bank.

Comments

Comments are closed.