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
-
The blue-chip CSI 300 Index added 0.3% and the Shanghai Composite Index edged up 0.1%.
-
Hong Kong’s Hang Seng Index and the Hang Seng China Enterprises Index jumped 1.5% each.
-
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.
-
Foreign investors bought roughly 1 billion yuan of Chinese shares via the Stock Connect so far on the day.
-
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.
-
Market participants are also expecting China’s central bank to cut policy rates as early as this month.
-
Shares in artificial intelligence, defense security rose roughly 1.4% both, while anime comic gaming companies climbed 2.4%.
-
In Hong Kong, tech giants surged 1.8%, with food-delivery giant Meituan up 3.8%.
-
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 .
Comments