SHANGHAI: China stocks closed up on Thursday, on the back of gains in liquor and real estate shares. Hong Kong benchmarks also rose.
China’s blue-chip CSI300 Index ended 0.8 percent higher and the Shanghai Composite Index rose 0.2 percent, while the Hong Kong benchmark Hang Seng was up 0.51 percent.
Liquor shares surged a record 9.8 percent on the day.
Real estate shares onshore and offshore also climbed.
Mainland property developer shares listed in Hong Kong were up 4.78 percent. Seazen shares surged more than 14 percent.
CSI300 real estate index in mainland China rallied 5 percent, the best single-day gain in more than a month. ** The upbeat sentiment came after local media reported Chinese regulators are no longer requiring property developers to submit some monthly financial metrics, the so-called “three red lines”.
Non-ferrous metals shares rose 2 percent onshore, while Hong Kong materials stocks were up about 1 percent, as spot gold price hit a record high.
Turnover in China’s onshore markets has stayed around 3 trillion yuan (USD420 billion), with new hot sectors emerging and momentum building in non-ferrous metals, analysts at Caida Securities said in a note.
From these signals, the broker said there is little cause for concern at the index level, noting a gradual shift in market focus from technology to cyclicals, with the rally spreading from precious metals to non-ferrous and chemicals.
The Shanghai Composite Index was up nearly 5 percent this year, hovering near a decade high.
Tech shares listed in Hong Kong were down 1.2 percent, while onshore semiconductor and artificial intelligence shares eased 4.2 percent and 1.6 percent, respectively.
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