China stocks wobble near 7-month low; Alibaba lifts HK shares

New Oriental Education & Technology

10/09/2024 10:44

(Updates to market close)
    By Summer Zhen
       SHANGHAI, Sept 10 (Reuters) - 
    Chinese stocks ended slightly higher on Tuesday after its
blue-chip index hit a 7-month low in the previous session, as
investors assessed the latest trade data and escalating
U.S.-China trade tensions. 
  
        Artificial intelligence stocks  .CSI930713  rose 1.9% to
lead the A-share gains.  
  
    Hong Kong shares closed up thanks to the jump in Alibaba's
Hong Kong shares  9988.HK  as it was added to the Stock Connect
Scheme, allowing mainland investors to buy the stock. 
    China's exports grew at their fastest pace since March 2023
in August, while imports missed forecasts amid weak domestic
demand.
    Analysts warn mounting trade barriers are emerging as
another major obstacle despite strong August exports. "The
question is how long exports can stay strong given the weakening
U.S. economy and the rising trade tension," said Zhang Zhiwei,
chief economist at Pinpoint Asset Management.
    Shares of biotech firm WuXi AppTec  2359.HK  dropped more
than 10% in Hong Kong and 5% in mainland  603259.SS , WuXi
Biologics  2269.HK  fell 4% after the U.S. House of
Representatives on Monday passed a bill that aims to restrict
business with several Chinese biotech companies on national
security grounds.
    At the close, the Shanghai Composite index  .SSEC  was up
0.28% at 2,744.19.
 
** The blue-chip CSI300 index  .CSI300  was up 0.09%, with its
financial sector sub-index  .CSI300FS   higher by 0.25%, the
consumer staples sector  .CSI000912  up 0.03%, the real estate
index  .CSI000952  down 1.53% and the healthcare sub-index
 .CSI300HC  down 0.96%.
 
** The smaller Shenzhen index  .SZSC  ended up 0.27% and the
start-up board ChiNext Composite index  .CNT  was higher by
0.061%.
    
** In Hong Kong, the Hang Seng index  .HSI   was up 37.13 points
or 0.22% at 17,234.09. The Hang Seng China Enterprises index
 .HSCE  rose 0.39% to 6,026.34.
 
** The sub-index of the Hang Seng tracking energy shares
 .HSCIE  rose 0.1%, while the IT sector  .HSCIIT  dipped 0.69%,
the financial sector  .HSNF  ended 0.08% higher and the property
sector dipped  1.63%.
    
    
** Alibaba rose 4.2% in Hong Kong on its first day joining the
Mainland-Hong Kong Stock Connect. 
** Around the region, MSCI's Asia ex-Japan stock index
 .MIAPJ0000PUS  was firmer by 0.09%, while Japan's Nikkei index
 .N225  closed  down 0.16%.
     
    

 (Reporting by Summer Zhen; Editing by Eileen Soreng)
 ((summer.zhen@thomsonreuters.com; 852-3462-7739;))