SHANGHAI: China stocks edged up at close, while Hong Kong shares fell on Wednesday after data showed consumer prices remained soft, while the dollar held firm ahead of a key US inflation report and Federal Reserve policy decision that would set the near-term course for interest rates.
The consumer price index (CPI) rose 0.3% in May from a year earlier, matching a gain in April, data from the National Bureau of Statistics (NBS) showed on Wednesday, below a 0.4% increase forecast in a Reuters poll.
“A more comprehensive and proactive policy stance covering fiscal, monetary and property sectors may be necessary to boost domestic demand more effectively,” said Zhiwei Zhang, chief economist at Pinpoint Asset Management.
China stocks track Asian markets higher
Also denting sentiment, Bloomberg News reported on Tuesday, citing people familiar with the matter, that the Biden administration is considering further restrictions on China’s access to chip technology used for artificial intelligence.
-
At the close, the Shanghai Composite index was up 0.31% at 3,037.47.
-
The blue-chip CSI300 index was up 0.04%, with its financial sector sub-index lower by 0.45%, the consumer staples sector up 0.05%, the real estate index down 1.28% and the healthcare sub-index down 0.24%.
-
The Hang Seng index closed down 238.50 points or 1.31% at 17,937.84. The Hang Seng China Enterprises index fell 1.44% to 6,359.36.
-
The smaller Shenzhen index ended up 0.58% and the start-up board ChiNext Composite index was weaker by 0.441%.
-
The sub-index of the Hang Seng tracking energy shares rose 1.5%, while the IT sector dipped 1.49%, the financial sector ended 1.09% lower and the property sector dipped 2.42%.
-
Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.3%, while Japan’s Nikkei index closed down 0.66%.
Comments
Comments are closed.