SHANGHAI: Chinese stocks ended higher on Tuesday, led by property and banking shares, amid investor optimism ahead of a top economic meeting, while Hong Kong shares tracked Asian markets higher.
The blue-chip CSI 300 Index rose 0.2%, bouncing from a near five-year low touched on Monday. The Shanghai Composite Index was up 0.4%.
Hong Kong’s Hang Seng Index rose 1.1%, and the Hang Seng China Enterprises Index advanced 1.5%.
Asian shares crept higher while the dollar eased as investors stayed cautious ahead of a crucial US inflation report later in the day, which will set the tone for the week filled with central bank meetings.
Meanwhile, 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 are expected to chart the course for the world’s second-largest economy next year, is likely to end on Tuesday, the sources said.
Investors are closely watching for clues on policy and reform agenda in 2024 as recent data showed that economic recovery is still sluggish.
In mainland markets, the CSI 300 Real Estate Index jumped 4.2% as investors await fresh policy support, while banks added nearly 1.1%.
Shares in Poly Developments and Holdings jumped 7.6% after the property developer said it plans to buy back shares worth 1 billion-2 billion yuan ($139.33 million-$278.65 million) within three months.
In Hong Kong, tech giants climbed 1.7%, and mainland developers listed in the city jumped 5 percent.
Comments
Comments are closed for this article.