SHANGHAI: China stocks slipped on Friday, on course to snap an eight-session winning streak, as some investors booked profits after recent gains and awaited further policy guidance and economic indicators to gauge if the market rally could sustain.
China stocks jump with AI shares leading on Nvidia forecast; HK shares flat
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China’s blue-chip CSI 300 Index edged 0.1% lower by the lunch break, while the Shanghai Composite Index was almost flat.
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Hong Kong benchmark Hang Seng Index lost 0.2%, and the Hang Seng China Enterprises Index remained flat.
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“A-share investor sentiment had improved post-CNY (Chinese New Year) holidays amid stepped-up market-supportive measures and positive CNY travel data,” Morgan Stanley said in a note.
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Market participants are cautiously awaiting for authorities’ next policy move, as China’s rubber stamp parliament - the National People’s Congress (NPC) - begins its annual meeting on March 5, although there has been no indication of major stimulus or a grand reform plan in the making.
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Foreign investors sold a net 3.7 billion yuan of Chinese stocks so far on the day, after two sessions of net buying.
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Official data showed China’s new home prices slowed their month-on-month declines in January, but the nationwide downward trend persisted despite Beijing’s efforts to revive demand.
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Shares in energy and tourism lost more than 1% each, while media firms and infrastructure companies climbed more than 1% each.
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In Hong Kong, tech giants lost 1% and healthcare firms dropped 0.7%.
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