SHANGHAI: China stocks rebounded on Tuesday, snapping a four-session losing streak in line with gains in global markets, as investors priced in an expected hefty US Federal Reserve interest rate hike this week to tackle searing inflation.
China, Hong Kong stocks dip further ahead of Fed meeting outcome Zhen
** The blue-chip CSI 300 Index added 0.3%, while the Shanghai Composite Index rose 0.5%. ** The Hang Seng Index gained 1.3%, and the Hang Seng China Enterprises Index advanced 1.4%.
** Other Asian shares edged up, following a rebound in the final hour of New York trading.
** China kept its benchmark lending rates unchanged at a monthly fixing as expected, as authorities appeared to hold off immediate monetary easing following rapid declines in the local currency and as central banks elsewhere tightened policy.
** Real estate developers lost 3.6%, while new energy shares and non-ferrous metal jumped more than 3% each. ** Tianqi Lithium Corp surged nearly 9%, Chengxin Lithium Group jumped 6.2%, and battery giant CATL added 2.1%.
** Still, the new energy sector is down roughly 15% from a recent peak one month ago, as expectations of aggressive overseas rate hikes weighed.
** Hong Kong leader John Lee said on Tuesday the government aims to make an announcement soon on its controversial COVID-19 hotel quarantine policy for all arrivals, as it wants to keep the city connected with the rest of the world and allow an “orderly opening up”.
** China’s government also issued draft rules aimed at making it easier for some foreigners to enter China for visits to tourism sites along the Chinese border.
** Tech giants listed in Hong Kong jumped 2.5%, with index heavyweights Alibaba and Meituan both up more than 3%.
** Casino operators soared more than 5%.
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