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China stocks edge up as property shares gain on recovery hopes; Hang Seng down

China stocks edged up on Wednesday, led by gains in property shares, as investors continue to ride on better-than-expected manufacturing data and hopes of continued economic recovery. ** At the midday break, the Shanghai Composite index was up 0.09% at 3,454.96 points.

Reuters | Updated: 02-12-2020 09:53 IST | Created: 02-12-2020 09:53 IST
China stocks edge up as property shares gain on recovery hopes; Hang Seng down

China stocks edged up on Wednesday, led by gains in property shares, as investors continue to ride on better-than-expected manufacturing data and hopes of continued economic recovery.

** At the midday break, the Shanghai Composite index was up 0.09% at 3,454.96 points. ** China's blue-chip CSI300 index was up 0.15%, while the start-up board ChiNext Composite index was weaker by 0.67% and Shanghai's tech-focused STAR50 index was up 0.96%.

** Leading the gains, the real estate sub-index rose 1.78% by the mid-day break, heavyweight Greenland Holdings Copr Ltd added 1.5%, while Gemdale Corp advanced 1%. ** The smaller Shenzhen index was up 0.14%.

** China's factory sector activity grew at its fastest pace in a decade in November, a business survey showed on Tuesday, as the economy rebounds to pre-pandemic levels. ** The virus infection situation remains stable, as mainland China reported nine new COVID-19 cases on Dec. 1, down from 12 cases a day earlier, the country's national health authority said on Wednesday.

** Bank shares also fuelled the gains. A Bank of China report suggested that China's banking sector is likely to show annual profit growth of 2% to 3% in 2021, as banks will make fewer profit sacrifices to support the real economy next year, with the loan-loss provision boost back to normal levels. ** Chinese H-shares listed in Hong Kong fell 0.64% to 10,591.74, while the Hang Seng Index was down 0.07% at 26,548.78.

** Around the region, MSCI's Asia ex-Japan stock index was firmer by 1.21%, while Japan's Nikkei index was up 0.02%.

Also Read: Limited impact seen from Trump investment ban on military-linked Chinese firms

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)


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