SHANGHAI: China stocks struggled for direction on Tuesday as cautious investors awaited clues from a top economic meeting, while Hong Kong shares tracked Asian markets higher.
** The blue-chip CSI 300 Index was flat at midday, hovering around nearly five-year lows, and the Shanghai Composite Index was also little changed.
** Hong Kong’s Hang Seng Index rose 0.9%, and the Hang Seng China Enterprises Index advanced 1.4%.
** Asian shares crept higher while the dollar eased as investors stayed cautious ahead of a crucial US inflation report later in the day that will set the tone for the week filled with central bank meetings.
** China’s leaders started a closed-door meeting on Monday to discuss economic targets and map out stimulus plans for 2024, four sources familiar with the matter said.
** The annual Central Economic Work Conference, during which President Xi Jinping and other top officials chart the course for the world’s second-largest economy next year, is likely to end on Tuesday, the sources said.
China stocks rise on expectations of policy support
** Investors are closely watching for clues on next year’s policy and reform agenda as recent economic data showed the recovery is still sluggish.
** In mainland markets, the CSI 300 Real Estate Index jumped 4.7% as investors expect fresh policy suport, while banks added nearly 1%. Most other sectors were relatively steady.
** Shares in Poly Developments and Holdings jumped 8% after the property developer said it plans to buy back co a-share worth 1.0-2.0 billion yuan within three months.
** In Hong Kong, tech giants climbed 1.7%, and mainland developers listed in the city jumped 5%.
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