Left Menu
Development News Edition

China and Hong Kong stocks climb as new coronavirus cases fall

China and Hong Kong stocks climb as new coronavirus cases fall
Image Credit: StoryBlocks

China stocks were on pace for their sixth straight session of gains on Tuesday, as sentiment was helped by a slowdown in new coronavirus cases. At the midday break, the Shanghai Composite index was up 0.3% at 2,900.14 points. The blue-chip CSI300 index rose 0.8%. Both indexes rose in the previous five sessions.

CSI30's financial sector sub-index rose almost 1%, the consumer staples sector climbed 1.5%, the real estate index was up 1.6%, while healthcare shares fell 0.2%. Chinese H-shares listed in Hong Kong rose 1.6% and the Hang Seng Index was up 1.3% at 27,583.02. The smaller Shenzhen index fell 0.1% and the start-up board ChiNext Composite index was weaker by 0.7%.

There were 2,478 new confirmed cases in mainland China on Feb. 10, down from 3,062 on the previous day, bringing the total to 42,638. It was the second time in the past two weeks that authorities recorded a daily drop in new cases. Investors became more confident as the number of newly confirmed cases outside epicenter Hubei province dropped, said Zhang Yanbing, an analyst with Zheshang Securities, who added that the valuation of stocks were cheap after last week's fall.

China's central bank should consider lowering its benchmark deposit rate to enable banks to reduce lending rates and help small businesses weather the economic fallout from the fast-spreading coronavirus, a central bank advisor said. Nomura analysts said in a note they will "track for signs of any news fatigue emerging in the financial media... an important variable which drives investor sentiment".

Nomura downgraded Asian equities this week amid the epidemic's economic impact but said support from central banks will likely provide tailwind for stocks later this year. Investors will also be keeping an eye on remarks by U.S. Federal Reserve Chairman Jerome Powell at a Congress testimony later on Tuesday. Around the region, MSCI's Asia ex-Japan stock index was firmer by nearly 1%, while Japan's Nikkei index lost 0.6%.

The onshore yuan was quoted 0.13% stronger at 6.9783 per U.S. dollar. The largest percentage gainers in the main Shanghai Composite index were Changzhou Tenglong Auto Parts Co Ltd, Hangzhou Freely Communication Co Ltd and Luoyang Glass Co Ltd, all rose about 10%. As of midday, China's A-shares were trading at a premium of 23.49% over the Hong Kong-listed H-shares. The Shanghai stock index is below its 50-day moving average and below its 200-day moving average.

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

Download The Devdiscourse News App for Latest News.



Coronavirus lockdowns to speed up long-pending change in supply chains

With millions of production lines impacted, business disruptions to some extent are unavoidable and the lessons learned from this turbulence will leave an everlasting impact on both global and local levels of supply chains....

COVID 19 to catalyze the redefinition of urban planning and sustainability

Until now the urban planning was focused on mitigation to natural disastrous, climate change, pollution, chronic illness and lifestyle diseases. However, the global pandemic of novel coronavirus is going to change the whole narrative of urb...

Ebola to COVID 19: Has Geopolitics prevailed over Professionalism in WHO

World Health Organization WHO is perceived as one of the most professional bodies of the United Nations. However, the role of WHO has come under question in handling outbreak two deadly diseases Ebola Viral Disease EVD and novel Coronaviru...

Trade War, COVID 19 and Beyond: How Pandemic is defining a New World Order

While we are confined in our homes, the world is changing faster than ever. Geopolitics in the time pandemic is defining a new world order. The transformation is happening in almost all the walks of life but the million-dollar question is ...


Latest News

In Rajasthan, lockdown violators to serve in COVID-19 quarantine wards

Coming out with a unique way of engaging those flouting the lockdown orders amid the COVID-19 outbreak, the district administration in Rajasthans Jhunjhunu area has decided to send such violators to the quarantine wards to take care of coro...

S.African billionaire Motsepe donates $57 mln to fight coronavirus

South African billionaire businessman Patrice Motsepe said on Saturday his group of companies would donate 1 billion rand 57 million to help fight the coronavirus outbreak that has forced the country into total lockdown as infections climb....

Goa churches to telecast, live stream masses, urge people to stay home during lockdown

Several churches in Goa have announced that the Sunday masses and prayers will be live-streamed and telecast on local TV channels and have urged the people to stay at home during the lockdown to prevent the spread of coronavirus. The church...

Coronavirus curfew delays Vietnamese rice inspection in Iraq

Iraqs trade ministry said late on Friday the inspection of a Vietnamese rice cargo in its waters had been delayed by measures to control the coronavirus outbreak in the country.The delay is the latest example of how the fight against the sp...

Give Feedback