China stocks dip as rebound fades; Hong Kong follows Asia markets higher

Sunny Optical Technology Co

21/03/2024 04:57

SHANGHAI, March 21 (Reuters) - China stocks slipped on
Thursday, signalling a potential fatigue in their six-week
rebound, while Hong Kong shares tracked regional markets higher
after the U.S. Federal Reserve pledged to stick to its rate cut
plans.
    
** Overnight, the Fed maintained its rates forecast between
5.25% and 5.5%, as expected, while nudging up the inflation
forecasts. The median projection of policymakers for three
25-basis-point rate cuts this year remained unchanged from
December.
    
** At the midday break, the Shanghai Composite index  .SSEC  was
down 0.2% at 3,073.37 points. 
 
** China's blue-chip CSI300 index  .CSI300  was down 0.17%, with
 .CSI300FS  the healthcare sub-index  .CSI300HC  falling 0.58%.
However, the financial sector sub-index  .CSI300FS  rose 0.5%,
while consumer staples sector  .CSI000912  logged a marginal
0.04% increase. Meanwhile, real estate  .CSI000952  outpaced the
others with a  1.1% increase
 
** Chinese H-shares listed in Hong Kong  .HSCE  rose 1.56% to
5,894.3, while the Hang Seng Index  .HIS  was up 1.75% at
16,832.49. 
 
** The smaller Shenzhen index  .SZSC  was down 0.35%, the
start-up board ChiNext Composite index  .CNT  was weaker by
0.49% and Shanghai's tech-focused STAR50 index  .STAR50  slipped
0.91%​.
 
** Around the region, MSCI's Asia ex-Japan stock index
 .MIAPJ0000PUS  was firmer by 1.91%, with Japan's Nikkei index
 .N225  rising 1.72%.
 
** The yuan  CNY=CFXS  was quoted at 7.1987 per U.S. dollar,
0.03% weaker than the previous close of 7.1967. 
 
** The largest percentage gainers in the main Shanghai Composite
index were Kunshan Guoli Electronic Technology Co Ltd
 688103.SS , up 13.12%, followed by Chengdu JOUAV Automation
Tech Co Ltd  688070.SS , gaining 10.57% and Beijing Haitian
Ruisheng Science Technology Ltd  688787.SS , up 10.32%.
 
** The Shanghai index marked the largest percentage losses, with
Shanghai Datun Energy Resources Co Ltd  600508.SS  declining by
6.969%. It was followed by Sunshine Guojian Pharmaceutical
Shanghai Co Ltd  688336.SS , which lost 6.906% and Nanya New
Material Technology Co Ltd  688519.SS , down by 6.49%.
    
** In Hong Kong, the sub-index of the Hang Seng index tracking
energy shares  .HSCIE  rose 1.5% while the IT sector  .HSCIIT 
rose 1.7%. Longfor Group Holdings Ltd  0960.HK  emerged as the
the top gainer on the Hang Seng, with a 5.96% jump, while the
Sunny Optical Technology Group Co Ltd  2382.HK logged the
largest decline, losing 11.4%. 

 (Reporting by Shanghai Newsroom; Editing by Dhanya Ann Thoppil)
 ((samuel.shen@tr.com))