SHANGHAI — China shares rose slightly on Wednesday, led by automobile and tech stocks, after a senior state planner assured the world’s second largest economy would be able to keep growth stable. ** At the midday break, the Shanghai Composite index was up 0.01% at 3,625.41 and the blue-chip CSI300 index was up 0.08%.
** Leading the gains, the sub-index tracking automobile firms rose 2.19%, while the information technology sub-index climbed 1.92%. ** Chinese H-shares listed in Hong Kong rose 0.45% to 8,178.01, while the Hang Seng Index was up 0.33% at 23,047.22.
This advertisement has not loaded yet, but your article continues below.
** The smaller Shenzhen index was up 0.64%, the start-up board ChiNext Composite index was higher by 0.58% and Shanghai’s tech-focused STAR50 index was up 0.62%. ** “With the policy stance clearly shifting from over-tightening to easing, we think the cycle is also turning from a mini-downturn to an upswing in China,” Morgan Stanley analysts wrote in a research note on Tuesday.
** China should evaluate the likely impact of policies on growth before implementation, and “be prudent” in rolling out those with contractionary effects, Ning Jizhe, deputy head of the National Development and Reform Commission, said in an interview that was published on Wednesday. ** Tech stocks gained in Hong Kong, tracking a sharp rebound in sentiment for U.S. stocks overnight. ** Losses in property developers, however, capped the gains, with the CSI300 Real Estate Index down 0.81% while the sector’s sub-index in Hong Kong slid 0.79%.
** Recent sharp increases in China property stocks have prompted some developers, including Tahoe Group and Sichuan Languang Development Co, to flag investment risks, citing poor fundamentals. ** Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.30%, while Japan’s Nikkei index was up 0.15%. ** The yuan was quoted at 6.3726 per U.S. dollar, 0.02% weaker than the previous close of 6.3716. (Reporting by Shanghai Newsroom; Editing by Subhranshu Sahu)
Financial Post Top Stories
Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.
By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails. Postmedia Network Inc. | 365 Bloor Street East, Toronto, Ontario, M4W 3L4 | 416-383-2300