China, Hong Kong stocks rise on hopes of more policy easing

** For the week, CSI 300 Index was up 0.7% while Hang Seng Index was down 1.9%. ** Stocks had opened higher into a press conference titled "Driving high-quality economic growth with macro policies", co-hosted by the People's Bank of China (PBOC), as markets hoped for more concrete details on policy easing.

China and Hong Kong stocks closed up on Friday as investor sentiment improved after a press conference co-hosted by China's central bank, but gains were limited by the continued lack of details on the government's economic stimulus plans.

** China's blue-chip CSI 300 Index closed up 0.4%, while the Shanghai Composite Index gained 0.2%. The Hong Kong benchmark Hang Seng Index was up 0.6%. ** For the week, CSI 300 Index was up 0.7% while Hang Seng Index was down 1.9%.

** Stocks had opened higher into a press conference titled "Driving high-quality economic growth with macro policies", co-hosted by the People's Bank of China (PBOC), as markets hoped for more concrete details on policy easing. ** Reserve requirement ratio (RRR) cuts, open market operation and all structural monetary policy tools need to be used flexibly to ensure reasonably ample liquidity in the banking system, an official with China's central bank said at the press conference.

** However, Chinese shares erased some of the early gains into the morning session's close as no surprise was delivered in the conference, UBS analysts wrote in a note. ** Meanwhile, the PBOC's governor pledged on Thursday to guide more financial resources towards the private economy, suggesting refreshed urgency from Beijing to bolster the confidence among private firms as economic momentum weakens.

** Telecom and securities shares led the gains in China, up 3.2% and 1.2%, respectively. ** China United Network Communications rose as much as 10%, before settling with gains of 7.5%.

** Mainland property developers listed in Hong Kong rose as much as 5.0%. ** Tech stocks traded in Hong Kong were up 2.1%, as China's American depositary receipt (ADR) shares rallied in New York overnight.

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