China stocks close marginally higher after IMF upgrades GDP forecasts

SenseTime

29/05/2024 09:28

(Updates to market close)
       SHANGHAI, MAY 29 (Reuters) - China stocks ended slightly
higher on Wednesday, after the International Monetary Fund (IMF)
upgraded its economic growth forecasts for the Asian giant. 
     China's economy is set to grow 5% this year, after a
"strong" first quarter, the IMF said on Wednesday, raising its
earlier forecast of 4.6% expansion.
     Tech shares dragged Hong Kong's key indexes lower, with
e-commerce giants Alibaba  9988.HK  and Meituan  3690.HK  down
3.5% and 5.3%, respectively. 
** At the close, the Shanghai Composite index  .SSEC  was up
0.05% at 3,111.02.
 
** The blue-chip CSI300 index  .CSI300  was up 0.12%, with its
financial sector sub-index  .CSI300FS  lower by 0.49%, the
consumer staples sector  .CSI000912  up 0.15%, the real estate
index  .CSI000952  up 0.66% and the healthcare sub-index
 .CSI300HC  down 0.21%.
 
** The smaller Shenzhen index  .SZSC  ended up 0.3% and the
start-up board ChiNext Composite index  .CNT  was higher by
0.267%.
 
** Around the region, MSCI's Asia ex-Japan stock index
 .MIAPJ0000PUS  was weaker by 1.48%, while Japan's Nikkei index
 .N225  closed down 0.77%.
 
** At 08:12, the yuan  CNY=CFXS  was quoted at 7.2487 per U.S.
dollar, 0.06% weaker than the previous close of 7.2441. 
** At the close of trade, the Hang Seng index  .HSI  was down
344.15 points or 1.83% at 18,477.01. The Hang Seng China
Enterprises index  .HSCE  fell 1.92% to 6,557.48.
 
** The sub-index of the Hang Seng tracking energy shares
 .HSCIE  rose 0.9%, while the IT sector  .HSCIIT  dipped 2.89%,
the financial sector  .HSNF  ended 1.78% lower and the property
sector dipped 1.05%.
 
** The top gainer on the Hang Seng was BYD Co Ltd  1211.HK ,
which gained 5.32%, while the biggest loser was JD Health
International Inc  6618.HK , which fell 5.38%.
 

 (Reporting by Shanghai Newsroom; Editing by Mrigank Dhaniwala)
 ((li.gu@tr.com))