Hong Kong shares jump on policy support; China slips

Sino Biopharmaceutical

22/04/2024 09:55

(Updates to market closing levels)
       SHANGHAI, April 22 (Reuters) - Hong Kong stocks jumped
on Monday, as investors found comfort in China securities
regulator's decision to promote the city's status as a global
financial centre, although Chinese shares slipped.
    China will facilitate Hong Kong listings by leading Chinese
companies and expand the Stock Connect cross-border investment
scheme, the China Securities Regulatory Commission (CSRC) said
on Friday.
    The investment link between mainland China and Hong Kong
will be broadened to include real estate investment trusts
(REITs) and yuan-denominated stocks listed in Hong Kong. In
addition, the bar will be lowered for exchange-traded funds
(ETFs) under Stock Connect.
    Meanwhile, Asian stocks recovered some losses on Monday and
bond yields rose as fears of a wider Middle East conflict ebbed,
with investors gravitating back towards riskier assets.
    Iran said on Friday that it had no plan to retaliate
following an apparent Israeli drone attack within its borders,
which in turn followed an unprecedented Iranian missile and
drone attack on Israel days before.
    ** At the close of trade, the Hang Seng index  .HSI  was up
287.55 points or 1.77% at 16,511.69. The Hang Seng China
Enterprises index  .HSCE  rose 1.47% to 5,831.26.
    ** China's main Shanghai Composite index  .SSEC  closed down
0.67% at 3,044.60 points, while the blue-chip CSI300 index
 .CSI300  ended down 0.3%.
    ** The sub-index of the Hang Seng tracking energy shares
 .HSCIE  dipped 2.7%, while the IT sector  .HSCIIT  rose 3.77%,
the financial sector  .HSNF  ended 1.64% higher and the property
sector rose 1.56%.
    ** China's smaller Shenzhen index  .SZSC  ended down 0.49%
and the start-up board ChiNext Composite index  .CNT  was weaker
by 0.315%.
    ** The top gainer on the Hang Seng was Sino
Biopharmaceutical Ltd  1177.HK , which gained 8.55%, while the
biggest loser was Li Auto Inc  2015.HK , which fell 8.33%.
    ** Around the region, MSCI's Asia ex-Japan stock index
 .MIAPJ0000PUS  was firmer by 0.83%, while Japan's Nikkei index
 .N225  closed up 1%.
    
    

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