SHANGHAI: China stocks edged up on Monday while Hong Kong shares slipped, with traders turning cautious as they await policy signals from China parliament’s annual meeting this week.
China stocks ends higher for third week on policy hopes
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China’s blue-chip CSI300 Index and the Shanghai Composite Index both gained 0.2% by the midday break.
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Hong Kong’s share benchmark Hang Seng slipped 0.1%, and the Hang Seng China Enterprises Index lost 0.3%.
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China’s parliament is expected to unveil moderate stimulus plans to stabilise growth at an annual meeting beginning on Tuesday, but may disappoint those calling for a detailed roadmap of bold policies to fix the country’s deep structural imbalances.
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Premier Li Qiang is expected to set a growth target of around 5% for 2024.
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Other Asian share markets firmed as the Nikkei reached another new high and investors braced for a week packed with central bank events and major data that will refine market wagers for when interest rates will start falling.
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Real estate developers slumped 3.5% to underperform other sectors, with property giant China Vanke Co down 4.7%.
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New China Asset said information about it and China Vanke is untrue. Previously, local media reported that Vanke negotiated with lenders on debt extension.
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China’s central bank unexpectedly skipped issuing loans via its pledged supplementary lending (PSL) facility in February, but analysts now see it lending more in the coming months to support the struggling property sector.
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Shares in energy, healthcare jumped 1.8% both, while communications equipment surged 2.8%.
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China’s cabinet on Friday approved a plan aimed at promoting large-scale equipment upgrades and sales of consumer goods, state media reported.
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In Hong Kong, tech giants slipped 0.4% and mainland property developers dropped 2.6%.
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Overseas, investors’ attention will be on Federal Reserve Chair Jerome Powell when he testifies before lawmakers on Wednesday and Thursday.
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