China stocks up as IMF upgrades GDP forecasts

SenseTime

29/05/2024 05:23

SHANGHAI, MAY 29 (Reuters) - China stocks edged up on
Wednesday, as 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
3.7% and 4.2%, respectively. 
** At the midday break, the Shanghai Composite index  .SSEC  was
up 0.33% at 3,119.89 points. 
 
** China's blue-chip CSI300 index  .CSI300  was up 0.38%, with
its financial sector sub-index  .CSI300FS  higher by 0.03%, the
consumer staples sector  .CSI000912  up 0.37%, the real estate
index  .CSI000952  up 0.6% and the healthcare sub-index
 .CSI300HC  up 0.1%.
 
** Chinese H-shares listed in Hong Kong  .HSCE  fell 1.56% to
6,581.59, while the Hang Seng Index  .HSI  was down 1.54% at
18,531.29. 
 
** The smaller Shenzhen index  .SZSC  was up 0.57%, the start-up
board ChiNext Composite index  .CNT  was higher by 0.67% and
Shanghai's tech-focused STAR50 index  .STAR50  was up 0.49%​.
 
** Around the region, MSCI's Asia ex-Japan stock index
 .MIAPJ0000PUS  was weaker by 1.20% while Japan's Nikkei index
 .N225  was down 0.43%.
 
** The yuan  CNY=CFXS  was quoted at 7.2484 per U.S. dollar,
0.06% weaker than the previous close of 7.2441. 
 
** The largest percentage gainers in the main Shanghai Composite
index were Trina Solar Co Ltd  688599.SS , up 10.23%, followed
by Zhejiang Dongwang Times Technology Co Ltd  600052.SS ,
gaining 10.1%, and Shanghai Tianchen Co Ltd  600620.SS , up by
10.06%.
** The three biggest H-shares percentage decliners were Meituan
 3690.HK , which has fallen 4.2%, JD Health International Inc
 6618.HK , which has lost 4.17%, and Li Ning Co Ltd  2331.HK ,
down by 4.1%.
  
    

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