AVN 64.76 No Change ▼ 0.00 (0%)
BAFL 31.49 Increased By ▲ 0.31 (0.99%)
BOP 4.79 Decreased By ▼ -0.03 (-0.62%)
CNERGY 3.85 No Change ▼ 0.00 (0%)
DFML 14.48 Increased By ▲ 0.48 (3.43%)
DGKC 41.65 No Change ▼ 0.00 (0%)
EPCL 46.81 Increased By ▲ 0.51 (1.1%)
FCCL 11.33 Decreased By ▼ -0.07 (-0.61%)
FFL 5.06 No Change ▼ 0.00 (0%)
FLYNG 5.82 Increased By ▲ 0.02 (0.34%)
GGL 10.46 Increased By ▲ 0.55 (5.55%)
HUBC 65.54 Increased By ▲ 1.34 (2.09%)
HUMNL 5.61 No Change ▼ 0.00 (0%)
KAPCO 27.73 Decreased By ▼ -0.09 (-0.32%)
KEL 2.16 Increased By ▲ 0.01 (0.47%)
LOTCHEM 24.40 Decreased By ▼ -0.10 (-0.41%)
MLCF 21.51 Decreased By ▼ -0.34 (-1.56%)
NETSOL 84.61 Increased By ▲ 0.31 (0.37%)
OGDC 87.02 Decreased By ▼ -0.09 (-0.1%)
PAEL 11.00 Increased By ▲ 0.05 (0.46%)
PIBTL 4.19 Decreased By ▼ -0.04 (-0.95%)
PPL 75.35 Decreased By ▼ -1.43 (-1.86%)
PRL 13.60 Decreased By ▼ -0.13 (-0.95%)
SILK 0.89 Decreased By ▼ -0.03 (-3.26%)
SNGP 41.27 Decreased By ▼ -0.33 (-0.79%)
TELE 5.84 Decreased By ▼ -0.11 (-1.85%)
TPLP 15.62 Increased By ▲ 0.01 (0.06%)
TRG 111.84 Increased By ▲ 0.59 (0.53%)
UNITY 13.97 Increased By ▲ 0.13 (0.94%)
WTL 1.17 Increased By ▲ 0.03 (2.63%)
BR100 4,064 Increased By 18.2 (0.45%)
BR30 14,468 Increased By 34.8 (0.24%)
KSE100 40,734 Increased By 113.6 (0.28%)
KSE30 15,230 Increased By 59.4 (0.39%)
Follow us

SHANGHAI: China and Hong Kong stocks fell on Monday, after Chinese President Xi Jinping talked up national security, while dashing hopes of any changes in growth-hitting zero-COVID policies and property sector curbs.

But China-listed shares’ premium over their Hong Kong peers hovered near seven-year highs, as regulators announced market-friendly policies in an apparent effort to stabilise sentiment.

China’s benchmark CSI300 Index fell 0.4% to 3,825.71 by the midday break. The Shanghai Composite Index lost 0.1%, to 3,068.83.

Hong Kong benchmark Hang Seng slipped 1.1%, hitting a 12-year low.

Xi called for accelerating the building of a world-class military, while touting the fight against COVID-19 as he kicked off a Communist Party Congress on Sunday by focussing on security and reiterating policy priorities.

Greater emphasis on national security comes amid heightened geopolitical tensions, Guolian Securities economist Rocky Fan said.

“But the more you pay attention to security, the more you need to sacrifice on efficiency. That would hurt China’s potential economic growth.” Property shares in both China and Hong Kong weakened, as Xi’s report signalled little change to the deleveraging campaign that had strangled the indebted sector.

“We believe the ongoing Party congress may not be an inflection point for major policy changes,” Goldman Sachs wrote.

Policymakers will likely stick to “no flooding of easing measures” and a reopening of the economy from strict COVID restrictions will probably be delayed until at least Q2 2023, Goldman said.

China’s daily count of new coronavirus cases has doubled since September.

Bucking the trend, China’s defense stocks and chipmakers jumped on Monday as Xi called for strengthening the ability to maintain national security and achieve tech independency.

Interest in China’s military-related stocks spiked after Xi vowed never to renounce the right to use force to resolve the Taiwan issue.

A-shares’ fall was limited after China’s securities regulator said on Friday it planned to revise rules to make it easier for listed companies to buy back shares.

The watchdog is also considering easing short-term trading rules for overseas funds to attract foreign investment, the Shanghai Securities News reported on Sunday.

Also on Sunday, China’s six biggest state banks issued statements in concert expressing support to the economy.


Comments are closed.

China, HK stocks sag after Xi emphasises security, reiterates COVID stance

Dar gives go-ahead to Saylani, other charities to help raise $2bn from overseas Pakistanis

New historic low: rupee settles at 271.36 against US dollar

Country can excel at nuclear power generation: PM Shehbaz

Pakistan expects 'sincere cooperation' from Afghan interim govt to address terrorism: FO

At least 17 killed as oil tanker collides with passenger coach near Kohat tunnel

Pakistan’s textile exports significantly decline in January: APTMA

Murad Saeed announces protest against rising terrorism in KP

Local court sends Sheikh Rashid on two-day physical remand

Capital gain lifts Norwegian operator Telenor to record earnings

Foreign funding case: IHC rejects PTI’s petition against ECP ruling