Hong Kong shares rise as banking contagion fears ease; China stocks mixed

** Regional U.S. lender First Citizens BancShares scooped up the assets of failed peer Silicon Valley Bank on Monday, allaying investor fears of deeper banking sector stress and prompting a rally in bank shares, while global stocks also rose ** Additionally, the Federal Reserve's top regulatory official plans to tell Congress that regulators are committed to ensuring all U.S. bank deposits are safe.

Hong Kong stocks rose on Tuesday, as investor fears of deeper banking stress were eased after failed Silicon Valley Bank secured a buyer. Chinese shares, however, had a mixed performance. ** China's blue-chip CSI300 Index dropped 0.2% by the lunch break, while the Shanghai Composite Index gained 0.1%.

** Hong Kong's benchmark Hang Seng Index and the China Enterprises Index both climbed 0.7%. ** Regional U.S. lender First Citizens BancShares scooped up the assets of failed peer Silicon Valley Bank on Monday, allaying investor fears of deeper banking sector stress and prompting a rally in bank shares, while global stocks also rose

** Additionally, the Federal Reserve's top regulatory official plans to tell Congress that regulators are committed to ensuring all U.S. bank deposits are safe. ** Financial shares traded in Hong Kong rose 1.2%, with HSBC Holdings and AIA Group up 1.6% and 1.9%, respectively.

** Hong Kong tech stocks climbed 0.5%, with Tencent up 4.1%. ** Foreign investors recorded a net selling of 1.67 billion yuan ($242.7 million) of Chinese stocks via the Stock Connect by midday, despite Premier Li Qiang telling foreign business executives that the country would open up further.

** Premier Li also said China will maintain a certain level of economic expansion as it accelerates a transition towards higher quality growth, Chinese state media reported. ** In China, sector performances were mixed. Semiconductor and artificial intelligence stocks lost 1.8% and 1.3%, respectively, while liquor and consumer staples shares were each up 1.3% and 0.9%.

** RongSheng Petrochemical Co Ltd rose 10% after Saudi Aramco signed agreements to acquire 10% of the Chinese refining giant. CSI Energy Index was up 0.6%. ($1 = 6.8815 Chinese yuan renminbi)

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