Hong Kong shares gain on U.S. stimulus hopes; property stocks drag down Shanghai

China shares slipped on Wednesday, weighed down by property stocks on a gloomy outlook for the sector, while Hong Kong stocks rose for a fourth session as hopes of a new round of U.S. fiscal stimulus underpinned global investor sentiment. ** At the midday break, the Shanghai Composite index was down 0.35% to 3,316.35.

China shares slipped on Wednesday, weighed down by property stocks on a gloomy outlook for the sector, while Hong Kong stocks rose for a fourth session as hopes of a new round of U.S. fiscal stimulus underpinned global investor sentiment.

** At the midday break, the Shanghai Composite index was down 0.35% to 3,316.35. ** China's blue-chip CSI300 index was down 0.33%, with the real estate index down 0.65% and the consumer staples sector down 0.34%. ** The financial sector sub-index added 0.15% and the healthcare sub-index was up 0.15%. ** Chinese H-shares listed in Hong Kong rose 0.76% to 10,064.39, while the Hang Seng Index was up 0.73% at 24,747.93.

** The smaller Shenzhen index was down 1.09%, the start-up board ChiNext Composite index was weaker by 1.48% and Shanghai's tech-focused STAR50 index was down 1.53%​. ** Shares of Cathay Pacific Airways Ltd rose as much as 6.6% to HK$6.10, their highest since Sept. 17, after the carrier announced a restructuring plan involving job cuts and a decision to end Cathay Dragon brand due to the COVID-19 pandemic.

** Strong sales helped shares of China's homegrown sportswear group Li Ning Co Ltd rise to HK$41.95, their all-time high since listing in June 2004. ** Telecommunication shares led gains in Hong Kong with the sub-index rising 2% by midday and China Telecom Corp Ltd on track to post its best daily gain since Aug. 13. ** The White House and Democrats in the U.S. Congress moved closer to agreement on a new coronavirus relief package on Tuesday as President Donald Trump said he was willing to accept a large aid bill despite opposition from his own Republican Party. ** China's fiscal revenue in the first three quarters was down 6.4% year-on-year, finance ministry official Liu Jinyun said at a news conference in Beijing.

** The yuan was quoted at 6.655 per U.S. dollar, 0.33% firmer than the previous close of 6.677.