China stocks rise as property firms lead gains on upbeat data

"If the numbers are not strong enough, more pro-growth measures can be expected." ** The CSI300 Real Estate Index rose 1.4%, and the Hang Seng Mainland Properties Index jumped 1.8%. ** Still, analysts said the recovery in property market would be slow and they are monitoring more data to see if the rebound can be sustainable.

China stocks edged higher on Tuesday, with real estate developers leading the gains, as investors found comfort in data that signaled a quick recovery in property sales. ** The CSI300 index was up 0.3% at 4,345.31 points at the end of the morning session, while the Shanghai Composite Index gained 0.2% to 3,321.24 points.

** The Hang Seng index added 1.4% to 21,466.03 points. The Hong Kong China Enterprises Index gained 1.5% to 7,512.05. ** "China is on its way to an economic recovery, providing a favorable moment for its stock market," said Max Luo, director of Asset Allocation China at UBS Asset Management.

** "The pace of the recovery depends on the change in policies, and we are awaiting economic data expected in June and July to examine the recovery," said Luo. "If the numbers are not strong enough, more pro-growth measures can be expected." ** The CSI300 Real Estate Index rose 1.4%, and the Hang Seng Mainland Properties Index jumped 1.8%.

** Still, analysts said the recovery in the property market would be slow and they are monitoring more data to see if the rebound can be sustainable. ** Non-ferrous metal lost 2.2%, while new energy vehicle and defense stocks retreated more than 1% each.

** Tech giants listed in Hong Kong rose 1.5%, with Tencent Holdings up more than 2%, as the company announced to its staff on Monday the official formation of an "extended reality" (XR) unit, formally placing its bets on the metaverse concept of virtual worlds.

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