China stocks track global peers higher as investors gauge US rate outlook

SenseTime

24/04/2024 06:11

SHANGHAI, April 24 (Reuters) - China stocks rose on
Wednesday and tracked global peers higher as market sentiment
was buoyed by upbeat earnings from U.S. companies and rate-cut
relief after data showed U.S. business activity cooled in April.
    Lifting sentiment, UBS analysts forecast foreign investors
to gradually return to China's market via the Stock Connect as
market sentiment and macro environment improve. The bank's
strategists upgraded MSCI China equities to "overweight" on
Tuesday.
    Asian stocks tracked Wall Street higher as an after-hours
surge in U.S.-listed shares of electric vehicle maker Tesla
 TSLA.O  and upbeat earnings from some U.S. companies lifted
risk sentiment.
    Traders also found comfort in data that signalled U.S.
business activity cooled in April to a four-month low due to
weaker demand, while rates of inflation eased slightly,
suggesting some possible relief for the Federal Reserve.
    ** At the midday break, the Shanghai Composite index  .SSEC 
was up 0.33% at 3,031.96 points. 
    ** China's blue-chip CSI300 index  .CSI300  remained flat,
with its financial sector sub-index  .CSI300FS  higher by 0.11%,
the consumer staples sector  .CSI000912  down 0.2%, the real
estate index  .CSI000952  down 0.52% and the healthcare
sub-index  .CSI300HC  down 0.75%.
    ** Chinese H-shares listed in Hong Kong  .HSCE  rose 1.8% to
6,061.79, while the Hang Seng Index  .HSI  was  up 1.67% at 
17,110.21. 
    ** The smaller Shenzhen index  .SZSC  was up 0.49%, the
start-up board ChiNext Composite index  .CNT  was weaker by 0.1%
and Shanghai's tech-focused STAR50 index  .STAR50  was up
0.67%​.
    ** Around the region, MSCI's Asia ex-Japan stock index
 .MIAPJ0000PUS  was firmer by 1.55% while Japan's Nikkei index
 .N225  was up 2.15%.
    ** The largest percentage gainers in the main Shanghai
Composite index were Sichuan Tianwei Electronic Co Ltd
 688511.SS , up 19.99%, followed by Suzhou Harmontronics
Automation Technology Co Ltd  688022.SS , gaining 19.99% and 
JinGuan Electric Co Ltd  688517.SS , up by 12.33%.
    ** The top gainers among H-shares were SenseTime Group Inc
 0020.HK , up 31.15%, followed by Li Ning Co Ltd  2331.HK ,
gaining 6.27% and Kuaishou Technology  1024.HK , up by 6.21%.
    

 (Reporting by Shanghai Newsroom; Editing by Sherry
Jacob-Phillips)
 ((Jason.Xue@thomsonreuters.com;))