China blue chips, Hong Kong stocks rise on Macau optimism

Chinese blue chips and Hong Kong shares rose on Monday after a three-session slide, with tourism and casino stocks leading the gains as Macau said China would resume an e-visa scheme for mainland travellers and permit group tours.

Chinese blue chips and Hong Kong shares rose on Monday after a three-session slide, with tourism and casino stocks leading the gains as Macau said China would resume an e-visa scheme for mainland travellers and permit group tours. Investor sentiment was also boosted by a move from the Chinese central bank to support the slumping currency.

** The blue-chip CSI 300 Index rose 0.5% by the end of the morning session, while the Shanghai Composite Index slipped 0.1%. ** The Hang Seng Index edged up 0.2% and the Hang Seng China Enterprises Index added 1.1%.

** China's central bank announced steps to slow the pace of the yuan's recent depreciation by making it more expensive to bet against the currency. ** Foreign investors bought more than 4.2 billion yuan ($590 million) of Chinese stocks through the stock connect scheme so far on Monday, following four straight sessions of net selling.

** Tourism-related stocks jumped 4% to lead the gains, while new energy and food & beverage shares rose more than 2% each. ** An index representing Macau casino operators soared nearly 12% after the city's leader said China would resume an e-visa scheme for mainland travellers and permit group tours, which could likely boost the footfall in the world's biggest gambling hub.

** Sands China Ltd jumped 18.5% and SJM Holdings Ltd surged 13.4%. ** Meanwhile, Hong Kong scraped its controversial COVID-19 hotel quarantine policy for all arrivals, in a long-awaited move for many residents and businesses in the financial hub.

** "Risk appetite will remain low and investor sentiment is hard to be boosted in the near term," Huaan Securities said in a note. "It all depends on when the U.S. stock market will stop falling and stabilise." ** Hong Kong shares of HSBC Holdings, an index heavyweight, tumbled 8%, weighing on the Hang Seng benchmark .

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