China stocks rise after expected Fed rate hike

China stocks rose in bumpy trade on Thursday after the U.S. central bank delivered an aggressive but expected rate hike, with semiconductors and new energy firms leading the gains.

China stocks rose in bumpy trade on Thursday after the U.S. central bank delivered an aggressive but expected rate hike, with semiconductors and new energy firms leading the gains. The CSI300 index rose 0.3% to 4,292.05 by the end of the morning session, while the Shanghai Composite Index gained 0.3% to 3,313.53.

The Hang Seng index dropped 0.4% to 21,223.21. The Hong Kong China Enterprises Index lost 0.5% to 7,414.87. ** Asian stocks rose after the U.S. Federal Reserve raised interest rates by three-fourths of a percentage point, the biggest increase since 1994, as it sought to tamper with surging inflation.

** "The rate hike comes within market expectations, and it has limited impact on A-shares," said Yang Delong, chief economist at First Seafront Fund Management, adding that China's priority was to stabilize economic growth, which would support A-shares. ** China will act decisively in ramping up support for the economy and roll out more policy steps but will refrain from issuing excessive money, state media quoted the cabinet as saying on Wednesday.

** The cabinet also reaffirmed its support for the "healthy development" of the platform economy, state media said. ** Real estate developers eased 0.5% after data showed China's May new home prices fell for the second month this year, as widespread COVID-19 curbs dented already weak buyer confidence in the property market.

** Healthcare, semiconductors and new energy led the gains, rising more than 2% each. ** Energy shares lost 3.3%, while brokers and insurers both retreated more than 2%.

** Tech giants listed in Hong Kong edged down 0.6% in range-bound trade. ** New Oriental rose 9.1% and online education unit Koolearn Technology jumped nearly 60%, with analysts saying the new live-streaming sales strategy could help the parent recover from a regulatory crackdown that decimated its education business.

** Koolearn shares have jumped more than 300% so far this week.