SHANGHAI: China stocks were largely flat on Tuesday, as investor sentiment remained muted between economic data and a readout of an agenda-setting meeting of the country’s top leaders.
Hong Kong stocks fell, dragged by property and tech shares.
** China’s blue-chip CSI 300 Index and the Shanghai Composite Index were little changed by the midday break. ** Hong Kong benchmark Hang Seng Index was down 0.6%.
** Chinese markets could not shake their funk following last week’s mixed economic data and mild response to the Central Economic Work Conference (CEWC) readout, said Brendan Ahern, chief investment officer at KraneShares in a note.
China stocks extend losses as weak recovery dampens sentiment
** China’s economy is expected to see more favourable conditions and more opportunities than challenges in 2024, state media said, citing officials for a detailed readout of the CEWC held last week.
** Macroeconomic policies will continue to provide support for economic recovery, said state media.
** November data showed domestic demand taking another step down, with retail sales growth almost halving and most major housing indicators deteriorating, said analysts at Barclays.
** Mainland sectors were mixed, with semiconductors up 1.1% while health care and real estate declined 1.3% and 1.5%, respectively.
** Tech stocks traded in Hong Kong were down 0.5%, with Chinese food delivery giant Meituan slumping 6.1% to a near 4-year low.
** Shares of mainland property developers were down 2.6%, with Country Garden Services down nearly 10%.
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