China shares rise on consumer staples boost; Hong Kong down
China shares rose on Thursday at the end of a choppy morning session, with strength in consumer firms outweighing losses in banks as a new survey showed continued expansion in China's services sector, supported by rising consumption. ** At the midday break, the Shanghai Composite index was up 0.38% at 3,610.90 after trading lower early in the session.
China shares rose on Thursday at the end of a choppy morning session, with strength in consumer firms outweighing losses in banks as a new survey showed continued expansion in China's services sector, supported by rising consumption.
** At the midday break, the Shanghai Composite index was up 0.38% at 3,610.90 after trading lower early in the session. ** China's blue-chip CSI300 index was up 0.26%, shaking off earlier losses.
** The consumer staples sector led gains, rising 1.46%. The sector has alternated between losses and gains this week as investors weigh the impact of Beijing's announcement that married couples can have up to three children. ** The rise in consumer firms also followed a private sector survey that showed continued expansion in China's services sector activity in May lifted by a gradual improvement in consumption, although the pace of expansion slowed.
** China's margin trading balance amount, an indicator of investor sentiment, hit its highest level since July 2015 a day earlier, as investors borrowed more to purchase shares amid a strong stock rally. ** Banks lagged the broader index, with a sub-index tracking the sector down 0.19% on the day.
** In Hong Kong, Chinese H-shares fell 0.33% to 10,916.14, while the Hang Seng Index was down 0.4% at 29,179.93 as global investors weighed ifnlation concerns ahead of U.S. economic data. ** The smaller Shenzhen index was up 0.6%, the start-up board ChiNext Composite index was higher by 0.09% and Shanghai's tech-focused STAR50 index was up 0.49%.
** The yuan was quoted at 6.3852 per U.S. dollar, 0.06% weaker than the previous close of 6.3815, as regulators continued to make moves interpreted as warnings to speculators betting on a stronger Chinese currency.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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