SHANGHAI: China and Hong Kong stocks closed slightly up on Thursday, lifted by financial shares, as investors awaited a key policy readout after a Communist Party conclave in Beijing.
China’s blue-chip CSI300 Index ended 0.3 percent higher, while the Shanghai Composite Index rose 0.2 percent. Hong Kong benchmark Hang Seng was up 0.7 percent.
The elite Central Committee of China’s ruling Communist Party is wrapping up its Fourth Plenum on Thursday. The four-day meeting, which began Monday, is expected to produce a communique outlining the government’s economic, political and social agenda, including development plans for the next five years.
Financial shares led gains onshore, up 0.8 percent, with Agriculture Bank of China hitting a record high.
Non-ferrous metal shares rebounded, up 1.2 percent.
Sentiment was also helped by news that Chinese Vice Premier He Lifeng will hold trade talks with the US in Malaysia from October 24 to 27, the Chinese commerce ministry said in a statement released on Thursday.
Meanwhile, investors continued to take profits after a strong rally in artificial intelligence shares this year.
The CSI AI Index fell nearly 1 percent, while the All Share Semiconductor index was down 0.8 percent.
“Some investors are considering rotating positions from technology to new consumption names in H-share market...but there’s still plenty of concerns about the fundamentals,” analysts at UBS said.
While Pop Mart delivered a strong beat in third-quarter revenue, investors harbour concerns about whether the firm can deliver more blockbuster IP like Labubu, especially when the Labubu resale price is falling, they said. Pop Mart International Group Ltd was down nearly 10 percent.
Onshore software stocks rose 1.4 percent as the Trump administration is considering a plan to curb a dizzying array of software-powered exports to China, from laptops to jet engines.
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