China stocks rise on trade growth, property support

Sunny Optical Technology Co

09/05/2024 09:30

(Updates to market closing levels)
       SHANGHAI, May 9 (Reuters) - China stocks closed up on
Thursday after solid April trade data added to signs of a
pick-up in demand, while the 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 said on
Thursday 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."
    ** At the close, the Shanghai Composite index  .SSEC  was up
0.83% at 3,154.32.
    ** The blue-chip CSI300 index  .CSI300  was up 0.95%, with
its financial sector sub-index  .CSI300FS  higher by 0.48%, the
consumer staples sector  .CSI000912  down 0.05%, the real estate
index  .CSI000952  up 2.04% and the healthcare sub-index
 .CSI300HC  up 0.56%.
    ** The Hang Seng index  .HSI  was up 223.95 points or 1.22%
at 18,537.81. The Hang Seng China Enterprises index  .HSCE  rose
1.61% to 6,560.67.
    ** In China, the smaller Shenzhen index  .SZSC  ended up
1.34% and the start-up board ChiNext Composite index  .CNT  was
higher by 1.871%.
    ** Around the region, MSCI's Asia ex-Japan stock index
 .MIAPJ0000PUS  was weaker by 0.27%, while Japan's Nikkei index
 .N225  closed  down 0.34%.
    ** The sub-index of the Hang Seng tracking energy shares
 .HSCIE  rose 0.4%, while the IT sector  .HSCIIT  rose 2.16%,
the financial sector  .HSNF  ended 0.38% higher and the property
sector rose 1.39%.
    ** The top gainer on the Hang Seng was  Lenovo Group Ltd
 0992.HK , which gained 8.72%, while the biggest loser was Li
Auto Inc  2015.HK , which fell 2.01%.
 

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