China stocks dragged down by cyclical shares; HK shares up
** The sub-index of the Hang Seng tracking energy shares rose 0.3%, while the IT sector rose 3.81%, the financial sector ended 1.4% higher and the property sector rose 1.89%.
China stocks closed down on Tuesday, dragged lower by cyclical shares such as metals, while technology companies boosted Hong Kong shares.
Non-ferrous metals companies led the declines in China, slumping 4.5%, while coal-related stocks dropped 2.4%. Tech shares led gains in Hong Kong, with delivery giant Meituan and e-commerce giant JD.com up 8.0% and 6.1%, respectively.
UBS strategists upgraded MSCI China equities to "overweight" as the index has a higher weight in consumption, where they see early signs of improvement, and has been little affected by the weak property sector. ** At the close, the Shanghai Composite index was down 0.74% at 3,021.98. ** The blue-chip CSI300 index was down 0.7%, with its financial sector sub-index lower by 0.09%, the consumer staples sector up 0.96%, the real estate index down 1.07% and the healthcare sub-index up 1.23%. ** The smaller Shenzhen index ended down 0.19% and the start-up board ChiNext Composite index was higher by 0.154%. ** Around the region, MSCI's Asia ex-Japan stock index was firmer by 0.84%, while Japan's Nikkei index closed up 0.3%. ** At 0831 GMT, the yuan was quoted at 7.2468 per U.S. dollar, 0.04% weaker than the previous close of 7.244. ** At the close of trade, the Hang Seng index was up 317.24 points or 1.92% at 16,828.93. The Hang Seng China Enterprises index rose 2.12% to 5,954.62. ** The sub-index of the Hang Seng tracking energy shares rose 0.3%, while the IT sector rose 3.81%, the financial sector ended 1.4% higher and the property sector rose 1.89%.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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