SHANGHAI: China stocks closed up on Tuesday with foreign capital extending net buying for a second consecutive day, while focus was also on policy support for the country’s struggling property sector. Hong Kong shares were also up.
Chinese regulators are pushing banks to speed up approvals of new loans to cash-starved private property developers, people with knowledge of the matter said on Monday. China’s property market volatility has limited impact on the country’s financial system, and some “positive signals” have emerged in the market, the central bank’s governor said on Monday.
Foreign capital recorded net buying of 4.7 billion yuan ($651.09 million) via the Stock Connect scheme’s northbound trading link. China’s main Shanghai stock market ended firmer on March 26, while its main blue-chip Shanghai Shenzhen CSI 300 index closed up on the day. At the close, the Shanghai Composite index was up 0.17% at 3,031.48. The blue-chip CSI300 index was up 0.51%, with its financial sector sub-index higher by 1.13%, the consumer staples sector up 1.31%, the real estate index up 1.09% and the healthcare sub-index down 0.27%. The smaller Shenzhen index ended up 0.18% and the start-up board ChiNext Composite index was higher by 0.441%.
Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.41%, while Japan’s Nikkei index closed down 0.04%. ** At 0723 GMT, the yuan was quoted at 7.2203 per US dollar, 0.12% weaker than the previous close of 7.212. In Hong Kong, the Hang Seng index was up 144.68 points or 0.88% at 16,618.32. The Hang Seng China Enterprises index rose 1.23% to 5,825.42.
The sub-index of the Hang Seng tracking energy shares dipped 0.7%, while the IT sector rose 1.68%, the financial sector ended 0.79% higher and the property sector rose 0.38%.
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