SHANGHAI: China stocks edged up on Wednesday, as the International Monetary Fund (IMF) upgraded its economic growth forecasts for the Asian giant.
China’s economy is set to grow 5% this year, after a “strong” first quarter, the IMF said on Wednesday, raising its earlier forecast of 4.6% expansion.
China stocks close down as investors await inflation data
Tech shares dragged Hong Kong’s key indexes lower, with e-commerce giants Alibaba and Meituan down 3.7% and 4.2%, respectively.
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At the midday break, the Shanghai Composite index was up 0.33% at 3,119.89 points.
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China’s blue-chip CSI300 index was up 0.38%, with its financial sector sub-index higher by 0.03%, the consumer staples sector up 0.37%, the real estate index up 0.6% and the healthcare sub-index up 0.1%.
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Chinese H-shares listed in Hong Kong fell 1.56% to 6,581.59, while the Hang Seng Index was down 1.54% at 18,531.29.
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The smaller Shenzhen index was up 0.57%, the start-up board ChiNext Composite index was higher by 0.67% and Shanghai’s tech-focused STAR50 index was up 0.49%.
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Around the region, MSCI’s Asia ex-Japan stock index was weaker by 1.20% while Japan’s Nikkei index was down 0.43%.
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The yuan was quoted at 7.2484 per US dollar, 0.06% weaker than the previous close of 7.2441.
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The largest percentage gainers in the main Shanghai Composite index were Trina Solar Co Ltd, up 10.23%, followed by Zhejiang Dongwang Times Technology Co Ltd, gaining 10.1%, and Shanghai Tianchen Co Ltd, up by 10.06%.
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The three biggest H-shares percentage decliners were Meituan , which has fallen 4.2%, JD Health International Inc , which has lost 4.17%, and Li Ning Co Ltd, down by 4.1%.
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