17 de marzo de 2016 / 4:17 / en 2 años

China stocks rise as IT shares outperform

* China’s CSI300 +0.6 pct, SSEC +0.6 pct

* Hong Kong’s HSI +1.4

* ChiNext and internet stocks outperform

* Profit-taking in finance weighs

SHANGHAI, March 17 (Reuters) - China stocks rose on Thursday as strong gains in internet and technology stocks offset selling in the finance sector.

Major indexes flitted between negative and positive territory all morning, but the CSI300 index was up 0.6 percent at 3,109.88 points by the midday break, while the Shanghai Composite Index gained 0.6 percent to 2,886.40.

ChiNext, China’s technology-heavy growth board, rose 3 percent, following losses in the previous two sessions.

Analysts attributed the moves to investors rotating capital out of overbought sectors such finance, which outperformed on Wednesday.

“Pudong Development Bank and Minsheng Bank had very obvious gains yesterday, but ChiNext and growth stocks underperformed,” said Liu Jingde, analysts at Cinda Securities in Beijing.

“Today, you’re just seeing capital run out of these overbought large caps back into small caps and media or internet stocks where investors see better opportunities.”

China CSI300 stock index futures for March rose 1.5 percent, to 3,114.8, 4.92 points above the current value of the underlying index.

In Hong Kong, the Hang Seng index rose 1.4 percent to 20,548.79, lifted primarily by information technology and machinery stocks and also supported by global equity gains after the U.S. Federal Reserve reduced the number of interest rate hikes expected this year.

The Hong Kong China Enterprises Index gained 2.7 percent to 8,801.08.

The index measuring price differences between dual-listed companies in Shanghai and Hong Kong stood at 134.75.

A value above 100 indicates Shanghai shares are pricing at a premium to shares in the same company trading in Hong Kong, and vice versa.

The northbound quota for the Hong Kong-Shanghai Stock Connect, currently set at 13 billion yuan ($2 billion), saw net inflows of 1.04 billion yuan.

Total volume of A shares traded in Shanghai was 7.41 billion shares, while Shenzhen volume was 9.49 billion shares.

Total trading volume of companies included in the HSI index was 0.9 billion shares.

($1 = 6.4960 Chinese yuan renminbi)

Reporting by Nathaniel Taplin; Editing by Kim Coghill

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below