Steady Gains in China's Non-Ferrous and Property Stocks Offset Tech Slides

China's stock market remained largely stable with some indices experiencing minor declines. Gains in non-ferrous metal and property shares counterbalanced losses in the tech sector. Hong Kong's market saw an uplift, while real estate shares noted remarkable advances due to eased financial reporting regulations for developers.

China's stock market exhibited stability on Thursday, with non-ferrous metal and property shares gaining traction, counterbalancing tech sector losses. The blue-chip CSI300 Index and the Shanghai Composite Index both saw a slight dip of 0.1% by midday, whereas Hong Kong's Hang Seng Index rose by 0.5%.

Real estate stocks posted significant growth, especially mainland developers listed in Hong Kong, which increased by 4.5%. Notably, Seazen shares soared almost 13%, and the CSI300 real estate index experienced a 4% rise, marking the largest single-day gain in over a month. This optimistic development followed reports that Chinese regulators have eased some financial reporting requirements for property developers.

Non-ferrous metals shares climbed by 3% onshore as materials stocks in Hong Kong gained 1.7%, supported by a soaring spot gold price. With a steady turnover of approximately 3 trillion yuan in China's onshore markets, analysts highlight a shift from technology to cyclical sectors, influencing market dynamics towards nonferrous metals and chemicals.

(With inputs from agencies.)