SHANGHAI: China stocks edged lower on Thursday, dragged down by consumer-related shares, while the technology sector led Hong Kong stocks higher.
Energy stocks drag China stock markets lower but EV shares rise
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At the midday break, the Shanghai Composite index was down 0.05% at 2,720.40 points.
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China’s blue-chip CSI300 index was down 0.14%, with its financial sector sub-index higher by 0.23%, the consumer staples sector down 1.47%, the real estate index up 0.2% and the healthcare sub-index down 0.7%.
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Liquor giant Kweichou Moutai was down nearly 2% to the lowest level since October 2022.
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Domestic demand remains a weak area in the Chinese economy, and investors are looking forward to a slew of economic and activity data including retail sales and house prices this Saturday to see if there’s any improvement.
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Chinese H-shares listed in Hong Kong rose 0.81% to 6,031.11, while the Hang Seng Index was up 0.97% at 17,274.72.
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Tech shares rose 1.4% and led gains in Hong Kong, with delivery giant Meituan up 4%.
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HK-listed biotech giant Wuxi Apptec jumped 7.4%, after the company announced share buybacks the previous day.
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The smaller Shenzhen index was up 0.08%, the start-up board ChiNext Composite index was higher by 0.32% and Shanghai’s tech-focused STAR50 index was down 0.16%.
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Around the region, MSCI’s Asia ex-Japan stock index was firmer by 1.45%, while Japan’s Nikkei index was up 3.13%.
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The yuan was quoted at 7.1194 per US dollar, almost flat from the previous close of 7.1192.
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