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

SenseTime

24/04/2024 09:56

(Updates to market closing levels)
       SHANGHAI, April 24 (Reuters) - China stocks closed up 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 the 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 close, the Shanghai Composite index  .SSEC  was up
0.76% at 3,044.82.
    ** The blue-chip CSI300 index  .CSI300  was up 0.44%, with
its financial sector sub-index  .CSI300FS   higher by 0.15%, the
consumer staples sector  .CSI000912  up 0.11%, the real estate
index  .CSI000952  down 0.3% and the healthcare sub-index
 .CSI300HC  down 0.75%.
    ** The smaller Shenzhen index  .SZSC  ended up 1.18% and the
start-up board ChiNext Composite index  .CNT  was higher by
0.699%.
    ** The Hang Seng index  .HSI  closed up 372.34 points or
2.21% at 17,201.27. The Hang Seng China Enterprises index
 .HSCE  rose 2.45% to 6,100.22.
    ** The sub-index of the Hang Seng tracking energy shares
 .HSCIE  rose 0.7%, while the IT sector  .HSCIIT  rose 3.97%,
the financial sector  .HSNF  ended 1.68% higher and the property
sector rose 1.81%.
    ** Chinese artificial intelligence (AI) software developer
SenseTime Group Inc  0020.HK  were halted from trading, after
soaring as much as 36.1%, their biggest one-day gain since
January 2022.
    ** Around the region, MSCI's Asia ex-Japan stock index
 .MIAPJ0000PUS  was firmer by 1.69%, while Japan's Nikkei index
 .N225  closed  up 2.42%.
 

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