China stocks rise on trade growth, property support

Sunny Optical Technology Co

09/05/2024 05:40

SHANGHAI, May 9 (Reuters) - China stocks rose on
Thursday after solid April trade data added to signs of pick-up
in demand, while latest property policy in a megacity also
improved sentiment.
    China's exports and imports returned to growth in April
after contracting in the previous month, signalling an
encouraging improvement in demand at home and overseas.
    Also, China's eastern metropolis of Hangzhou on Thursday
said it will lift all home purchase restrictions to shore up its
real estate market, raising the prospect of other cities
following suit.
    "The policies in the property sector are changing in a
meaningful way recently," said Zhiwei Zhang, chief economist at
Pinpoint Asset Management.
    "A stabilization of the property sector would help to boost
domestic demand and mitigate the deflationary pressure."
    ** China's blue-chip CSI 300 index  .CSI300  was up 1.03% by
the midday break. The financial sub-index  .CSI300FS , consumer
staples  .CSI000912 , real estate index  .CSI000952  and
healthcare sub-index  .CSI300HC  rose between 0.01% and 3.67%.
    ** Chinese H-shares listed in Hong Kong  .HSCE  jumped 1.63%
to 6,561.93, while the Hang Seng Index  .HSI  was up 1.23% at 
18,538.57.
    ** The smaller Shenzhen index  .SZSC  was up 1.44%, the
start-up board ChiNext Composite index  .CNT  was higher by
1.85% and Shanghai's tech-focused STAR50 index  .STAR50  climbed
1.79%​.
    ** Around the region, MSCI's Asia ex-Japan stock index
 .MIAPJ0000PUS  was firmer by 0.12% while Japan's Nikkei index
 .N225  edged 0.35% higher.
    ** Guangdong Fangyuan New Materials Group  688148.SS ,
Kingsemi  688037.SS  and Hubei Huarong Holding  600421.SS  were
the largest percentage gainers in the main Shanghai Composite
index, up 13.56%, 10.9% and 10.06% respectively.
    ** Lenovo  0992.HK , Longfor Group Holdings  0960.HK  and
Sunny Optical Technology Group  2382.HK  were the top gainers
among H-shares, up 6.28% 5.74% and 5.29% respectively.

 (Reporting by Shanghai Newsroom; Editing by Varun H K)
 ((Jason.Xue@thomsonreuters.com;))