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SHANGHAI: China stocks retreated on Wednesday, with some investors booking profit after a recent rally led by policy support, while property woes added to investor concerns after a liquidation petition was filed against developer Country Garden.

China stocks rise, led by AI firms

  • China’s blue-chip CSI 300 Index slipped 0.3% by the lunch break, while the Shanghai Composite Index lost 0.7%.

  • Hong Kong benchmark Hang Seng Index edged down 0.3%, and the Hang Seng China Enterprises Index dropped 0.8%.

  • The broad Asian stock market also remained tentative ahead of a US inflation reading this week that could influence the timing of the Federal Reserve’s easing cycle.

  • Chinese developer Country Garden said on Wednesday a liquidation petition has been filed against it for non-payment of a $205 million loan, clouding its debt revamp prospects and undermining Beijing’s effort to restore confidence in the property sector.

  • Shares of the developer slumped 12.5%, dragging the mainland property sector listed in Hong Kong down 2.1%.

  • However, the Hang Seng Property Index rose 1.5%, after Hong Kong Financial Secretary Paul Chan said on Wednesday said the city will cancel all buy-side property tightening measures for residential properties and waive stamp duties payable on the transfer of REIT units.

  • In mainland markets, shares in semiconductors and automobiles declined roughly 2% each after jumping in the previous session.

  • The market might remain rangebound in the short term, Furong Asset said, after a recent rally on supportive measures.

  • China’s blue-chip CSI 300 was up 8.4% so far this month on authorities’ measures to spur economic growth and boost market confidence.

  • Market participants are awaiting authorities’ next policy move as China’s rubber stamp parliament - the National People’s Congress - begins its annual meeting on March 5. Reuters

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