2024-04-29 04:34:20
Stocks in China and Hong Kong rose on Monday, led by property shares, as some major cities eased restrictions on home purchases over the weekend and market expectations for further easing rose.
Chinese property developers traded in China and Hong Kong up 6.9% and 4.3% respectively as of midday Monday. Meanwhile, China’s industrial profits fell in March from the first two months and slowed the recovery for the quarter, official data showed on Saturday, raising doubts regarding the strength of the recovery in the world’s second-largest economy.
** At noon, the Shanghai Composite Index was up 0.8% at 3,113.29 points. ** China’s CSI300 index rose 1.4%, with the financials sub-index up 1.65%, the grocery sub-index up 1.02%, a real estate sub-index up 6.93% and a healthcare sub-index up 2.74%. **Hong Kong-listed Chinese H-shares rose 0.9% to 6,326.49, while the Hang Seng index rose 1.29% to 17,878.13. ** The smaller Shenzhen index rose 2.08%, the start-up ChNext Composite index rose 3.6% and the technology-focused Shanghai STAR50 index rose 3.6%. ** In the region, the MSCI Asia ex-Japan index rose 0.94%, while Japan’s Nikkei index rose 0.81%. **The yuan was trading at 7.2449 per US dollar, up 0.02% from its previous close of 7.2465. **The biggest percentage gains in the main Shanghai Composite index were made by Guangdong Fangyuan New Materials Group Co Ltd, up 18.25%, followed by Shenzhen Qingyi Photomask Ltd, up 15.73% and Wuhan Citms Technology Co Ltd, up 14, 94%. **The biggest gainers among H-shares were Longfor Group Holdings Ltd, up 8.36%, followed by JD Health International Inc, up 5.64% and Xpeng Inc, up 4.95%. (Reporting by Shanghai Newsroom; Editing by Janane Venkatraman)
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