Hong Kong stocks end up following China more firmly as authorities pledge to support growth
HONG KONG- Hong Kong stocks edged higher on Tuesday, following gains in mainland markets after China asserted flexible policies next year to support growth, and also driven by gains in real estate stocks.
** The Hang Seng Index rose 0.2% to 23,280.56 at the close of trade, extending gains for the fifth consecutive session, while the Hang Seng China Enterprises Index slipped 0.1% at 8,194.45 points.
** The Hang Seng tracking energy equity sub-index was down 0.2% and the IT sector was down 1.1%, while the financial sector and real estate sector ended up 0.8% respectively % and 1.34%.
** China will maintain its flexible monetary policy next year, strengthen supervision of capital companies and platforms, and gradually implement a real estate finance management system, the central bank said on Monday.
** On the same day, the finance ministry said China would proactively implement fiscal policies to stabilize economic growth, promising that the campaign’s impact would be felt sooner than usual.
** The biggest winner on the Hang Seng was Hang Lung Properties Ltd, which gained 4.1%, while the biggest loser was Geely Automobile Holdings Ltd, which fell 3.87%.
** The Evergrande group in besieged China has made the most progress in nearly three months on the hope of home delivery.
** China Cinda Asset Management shares made the biggest jump in 8 years thanks to its investment in the consumer credit unit of the Chinese group Ant.
** Chinese company Kintor Pharmaceutical hit record high as COVID treatment trial misses statistical criteria.
** China’s main Shanghai Composite index closed 0.4% higher at 3,630.11 points, while the blue-chip CSI300 index finished up 0.7%.
** In the region, the MSCI Asia ex-Japan stock index strengthened 0.48%, while the Nikkei Japan index closed up 1.37%.
** The yuan was traded at 6.3715 to the US dollar at 08:13 UTC, 0.03% firmer than the previous close of 6.3731.
(Reporting by Donny Kwok; Editing by Shailesh Kuber) (([email protected]))