Rising Stocks: Non-Ferrous Metals Lead the Charge

Stocks in China and Hong Kong climbed, driven by non-ferrous metals and semiconductor shares, amid a focus on a China housing policy conference. China pledged to stabilize its real estate market while Nvidia targeted new AI chip shipments. Kuaishou Technology faced challenges following a cyberattack.

On Tuesday, stocks in China and Hong Kong experienced a notable rise, largely fueled by gains in non-ferrous metals shares as investor attention shifted to an ongoing China housing policy conference. The country's blue-chip CSI300 Index recorded a rise of 0.5% by midday, and the Shanghai Composite Index gained 0.3%, while Hong Kong's Hang Seng Index grew 0.2%.

Non-ferrous metals sectors led domestic market increases, boasting an almost 2% rise, greatly influenced by Shandong Gold's impressive 7.9% climb. In Hong Kong, materials stocks advanced by 1.2%. During the housing policy conference, authorities vowed to stabilize the real estate sector by implementing measures tailored to city-specific needs, focusing on reducing new supply, cutting inventories, and enhancing the supply mix.

Encouraging semiconductor performance was noted with a 2% uptick as Nvidia announced plans to ship its advanced AI chips to China before the Lunar New Year in February. Meanwhile, Kuaishou Technology's shares fell as much as 6% following a cyberattack. The CSI 300 Real Estate Index barely nudged up by 0.2% while China Vanke saw a 2.2% dip after narrowly avoiding a bond default.