China stocks fall despite rate cuts; Hong Kong shares rebound

Trip.com

22/07/2024 09:49

July 22 (Reuters) - China's blue-chip index fell on
Monday, snapping a seven-day winning streak despite surprise
rate cuts to aid a struggling economy, as President Xi Jinping's
policy blueprints underwhelmed. Hong Kong stocks rebounded from
three-month lows.
    
** Banking and energy stocks led declines in China as Beijing's
reforms, outlined after a closed-door Communist Party meeting,
are seen as prioritising manufacturing and technology over the
financial sector. 
    
**  China surprised markets by cutting major short and long-term
interest rates on Monday, signalling intent to boost growth in
the world's second-largest economy. But some analysts see the
move as authorities' recognition of economic weakness.
    
** The blue-chip CSI300 index  .CSI300  was down 0.68%, with its
financial sector sub-index  .CSI300FS  lower by 0.74%, the
consumer staples sector  .CSI000912  down 1.73%, the real estate
index  .CSI000952  down 0.94% and the healthcare sub-index
 .CSI300HC  up 0.46%.
    
** In Hong Kong, the Hang Seng index  .HSI  was up 218.20 points
or 1.25% at 17,635.88. The Hang Seng China Enterprises index
 .HSCE  rose 1.44% to 6,253.94.
** The sub-index of the Hang Seng tracking energy shares
 .HSCIE  rose 0.1%, while the IT sector  .HSCIIT  rose 2.23%,
the financial sector  .HSNF  ended 0.65% higher and the property
sector rose 0.43%.
         
** The smaller Shenzhen index  .SZSC  ended down 0.1% and the
start-up board ChiNext Composite index  .CNT  was weaker by
0.091%.
 
** Around the region, MSCI's Asia ex-Japan stock index
 .MIAPJ0000PUS  was weaker by 0.59%, while Japan's Nikkei index
 .N225  closed down 1.16%.
 
** At 08:19, the yuan  CNY=CFXS  was quoted at 7.2735 per U.S.
dollar, 0.05% weaker than the previous close of 7.2698. 

** ** The largest percentage gainers in the main Shanghai
Composite index were Heilongjiang Interchina Water Treatment Co
Ltd  600187.SS , up 10.32%, followed by Dan Hua Chemical
Technology Co Ltd  600844.SS , gaining 10.22% and Cashway
Fintech Co Ltd  603106.SS , up by 10.08%.
 
** The largest percentage losses in the Shanghai index were
Jiangxi Guoguang Commercial Chains Co Ltd  605188.SS , down
9.97%, followed by Great-Sun Foods Co Ltd  603336.SS  losing
9.89% and Shanghai Jiao Yun Group Co Ltd  600676.SS  down by
9.88%.
 
** The top gainer on the Hang Seng was Trip.com Group Ltd
 9961.HK , which gained 5.11%, while the biggest loser was New
World Development Co Ltd  0017.HK , which fell 1.3%.

 (Reporting by the Shanghai Newsroom; Editing by Mrigank
Dhaniwala)