SHANGHAI: China stocks struggled for direction on Thursday as investors remained cautious on domestic economic recovery and awaited more clues on stimulus measures.
** The blue-chip CSI 300 Index was roughly flat by the lunch break, while the Shanghai Composite Index edged up 0.2%.
** Hong Kong’s Hang Seng Index was down 0.4%, and the Hang Seng China Enterprises Index was little moved.
** Asian shares were flat, but markets were holding onto their gains for the week as confidence grows that interest rates globally will head lower next year. Oil prices extended losses on smaller-than-expected output cuts by OPEC+.
** Chinese government advisers will recommend economic growth targets for next year ranging from 4.5% to 5.5% to an annual policymakers’ meeting, Reuters reported on Wednesday.
** Recent economic data showed a remained weakness in recovery, Capital Securities said in a note, adding the expectation on a meeting between China and US leaders are already priced in and investors will continue to monitor domestic economic data.
** China has placed debt-laden Country Garden Holdings Co on a draft list of 50 developers eligible for a range of financing support, media reported on Wednesday.
China stocks lower as investors await more measures
** Other distressed developers, such as Sino-Ocean Group and CIFI Holdings are also among the list.
** The Hang Seng Mainland Properties Index jumped 4.3%.
** A top Alibaba executive told staff on Wednesday that it was a “coincidence” that a plan by former chief Jack Ma’s family trust to sell some shares in firm was disclosed on the same day the firm scrapped its cloud unit’s listing, in a move seen as an effort to quell ongoing unease within the e-commerce giant.
** Tech giants listed in Hong Kong was up 0.5%.
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