Shanghai stock benchmark hits 1-month high, HK closed for holidays

SHANGHAI:- Shanghai’s stock benchmark extended gains to hit a more than one-month high on Thursday and looked set for the seventh straight winning session, led by gains in aerospace shares, while Hong Kong was closed for the Christmas holidays.

At the midday break, the Shanghai Composite index rose to the highest intraday level since November 20 at one point before ending the morning session up 0.29%.

China’s blue-chip CSI 300 Index slipped 0.07%.

Aerospace shares were among the biggest winners in morning deals, with a sub-index tracking the sector jumping 3.63%.

The property sector gave up earlier gains, even as Beijing further relaxed some property purchase restrictions to stabilise the wobbling sector. The CSI 300 Property index, which tracks the industry, was down 0.21% at the lunch break.

China, HK stocks rise, led by non-ferrous metals shares

Beijing’s municipal authorities further eased curbs on home purchases on Wednesday, lowering the threshold for home-buying qualifications, in the latest efforts to boost demand amid worsening home prices in the Chinese capital.

China’s central bank pledged to stabilise market expectations and keep the exchange rate “basically stable at a reasonable and balanced level”, a meeting readout released on Wednesday showed.

Hong Kong’s market is closed on Thursday and Friday for the Christmas holidays. Trading will resume on December 29.