SHANGHAI: China stocks rebounded slightly on Thursday, while Hong Kong shares jumped after a seven-session losing streak since 2024 as investors bought the dip amid a cautious mood in China’s recovery.
China stocks hover near five-year low
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The blue-chip CSI 300 Index added 0.3% and the Shanghai Composite Index edged up 0.1%.
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Hong Kong’s Hang Seng Index and the Hang Seng China Enterprises Index jumped 1.5% each.
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Asian stocks rose on Thursday ahead of US inflation data that could influence the Federal Reserve’s thinking on rate cuts, while the crypto world got a boost after exchange-traded funds (ETFs) to track bitcoin were approved in the United States.
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Foreign investors bought roughly 1 billion yuan of Chinese shares via the Stock Connect so far on the day.
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Investor sentiment remained weak due to a lack of evidences showing China’s economy is improving. They are awaiting trade, inflation and credit data in the coming days to gauge the strength of the recovery.
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Market participants are also expecting China’s central bank to cut policy rates as early as this month.
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Shares in artificial intelligence, defense security rose roughly 1.4% both, while anime comic gaming companies climbed 2.4%.
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In Hong Kong, tech giants surged 1.8%, with food-delivery giant Meituan up 3.8%.
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Shares of digital assets and crypto exchange operator BC Technology Group Ltd jumped 11.3%, tracking global cryptocurrency stocks higher after the Securities and Exchange Commission approved the first US-listed ETFs to track bitcoin .
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