China small caps plunge but banks jump; Hong Kong follows global markets up

viernes 4 de marzo de 2016 00:55 GYT
 

* CSI300 +0.4 pct; SSEC -0.5 pct; HSI +0.6 pct

* ChiNext slumps on supply fears; impact limited by bank strength

* Hong Kong rises as oil, resources prices recover

SHANGHAI, March 4 (Reuters) - China stocks had mixed performance on Friday morning, as small-caps tumbled on supply fears but banking shares jumped, fuelling speculation that government-backed investors helped stabilize the market ahead of a key meeting by China's parliament.

Hong Kong stocks were firm, aided by energy and resource shares, as global as markets strengthened on the back of continued recovery in oil and commodity prices.

The blue-chip CSI300 index rose 0.4 percent, to 3,070.85 points by lunch break, while the Shanghai Composite Index lost 0.5 percent, to 2,845.87 points.

But the Shenzhen market, home to China's smaller listed companies, tanked 2.6 percent, reflecting a broader sell-off in small-caps.

The Hong Kong market tracked gains in regional markets. The Hang Seng index added 0.6 percent, to 20,063.53 points, while the Hong Kong China Enterprises Index climbed 1.4 percent, to 8,506.39.

Investors will closely monitor policy cues from the annual meeting of China's National People's Congress (NPC), which starts on Saturday and will last around 12 days.   Continuación...