China, Hong Kong stocks rise, led by property shares


SHANGHAI: China and Hong Kong stocks rose on Monday, led by real estate shares amid speculation that more stimulus measures are likely to be unveiled this week aimed at clearing inventory, boosting sales and lifting home purchase restrictions.

Chinese property developers traded in China and Hong Kong jumped 7.3% and 3.8%, respectively, after some tier-2 cities relaxed home purchase restrictions over the weekend.

However, China's industrial profits fell in March, official data showed on Saturday, raising doubts about the strength of the recovery in the world's second-biggest economy.

The Shanghai Composite index closed up 0.79% at 3,113.04, while the blue-chip CSI 300 index rose 1.11%.

Financial sector, consumer staples, real estate and healthcare stocks climbed between 0.02% and 2.56%.

The smaller Shenzhen index ended up 2.31% and the start-up board ChiNext Composite index was higher by 3.5%.

Around the region, MSCI's Asia ex-Japan stock index was firmer by 0.82%, while Japan's Nikkei index closed up 0.81%.

At 08:20, the yuan was quoted at 7.2466 per U.S. dollar, 0% weaker than the previous close of 7.2465.

The Hang Seng index was up 95.76 points or 0.54% at 17,746.91. The Hang Seng China Enterprises index rose 0.21% to 6,282.86.

The sub-index of the Hang Seng tracking energy shares dipped 0.8%, while the IT sector dipped 0.7%, the financial sector ended 2.56% higher and the property sector rose 1.66%.

The top gainer on the Hang Seng was Country Garden Services Holdings, which gained 11%, while the biggest loser was Sinopharm Group, which fell 6.26%. - Reuters

Follow us on our official WhatsApp channel for breaking news alerts and key updates!

China , Hong Kong , real estate , stimulus , inventory

   

Next In Business News

Aeon Credit 3Q net profit eases to RM62.07mil
Bilateral trade between Malaysia, South Korea hits RM100.6bil as of November
MRCB confirms withdrawal from KL-SG HSR consortium
Uzma secures RM44.15mil solar PV plant project in Kedah
United Malacca's net profit more than doubles to RM30.9mil in 2Q25
Lotus Circular to acquire Earthwise Resources, Expert Resource for RM100mil
Ringgit continues to extend loss on Fed’s hawkish turn
Poh Huat warns of uncertainties due to US dollar volatility
MoF: 22,000 scam cases totalling RM147mil in losses reported to NSRC as at Sept 2024
MyNews expects sales growth with the expansion of its store network.

Others Also Read