SHANGHAI: China stocks rebounded slightly on Thursday, while Hong Kong shares jumped after a seven-session losing streak since 2024 as investors bought the dip amid a cautious mood in China’s recovery.
China stocks hover near five-year low
The blue-chip CSI 300 Index added 0.3% and the Shanghai Composite Index edged up 0.1%.
Hong Kong’s Hang Seng Index and the Hang Seng China Enterprises Index jumped 1.5% each.
Asian stocks rose on Thursday ahead of US inflation data that could influence the Federal Reserve’s thinking on rate cuts, while the crypto world got a boost after exchange-traded funds (ETFs) to track bitcoin were approved in the United States.
Foreign investors bought roughly 1 billion yuan of Chinese shares via the Stock Connect so far on the day.
Investor sentiment remained weak due to a lack of evidences showing China’s economy is improving. They are awaiting trade, inflation and credit data in the coming days to gauge the strength of the recovery.
Market participants are also expecting China’s central bank to cut policy rates as early as this month.
Shares in artificial intelligence, defense security rose roughly 1.4% both, while anime comic gaming companies climbed 2.4%.
In Hong Kong, tech giants surged 1.8%, with food-delivery giant Meituan up 3.8%.
Shares of digital assets and crypto exchange operator BC Technology Group Ltd jumped 11.3%, tracking global cryptocurrency stocks higher after the Securities and Exchange Commission approved the first US-listed ETFs to track bitcoin .