September 24, 2019 / 4:59 AM / 5 months ago

China stocks rise on stimulus hopes; trade uncertainty caps gains

SHANGHAI, Sept 24 (Reuters) - China stocks rose on Tuesday, as policymakers promised additional measures to bolster a slowing economy, but gains were curbed by lingering uncertainties around the U.S.-China trade talks.

** China’s blue-chip CSI300 Index rose 0.81% to 3,922.09 by lunch break. The Shanghai Composite Index was also up by 0.8% at 2,999.91.

** In Hong Kong, the benchmark Hang Seng Index climbed 0.3% to 26,305.85, while the Hang Seng China Enterprises Index edged up 0.1%.

** Chinese investors are optimistic about the prospects of more fiscal stimulus, after Ning Jizhe, a vice head of the state planner, told a press conference in Beijing that China will step up efforts to stabilise economic growth.

** But optimism was tempered by central bank’s reiteration that monetary policy will remain prudent. Yi Gang, governor of the People’s Bank of China, said at the same conference that authorities are in no rush to take big policy easing steps to cope with downward pressure on the economy.

** “What’s certain, is that more easing, and counter-cyclical measures, are needed,” said Yang Hongxun, a Shanghai-based analyst at investment consultancy Shandong Shenguang. “That would be good news for assets such as stocks.”

** Uncertainties around Sino-U.S. trade talks also weighed on the gains.

** Cancellation of a planned trip by Chinese officials to U.S. farming regions after trade talks last week was originally interrupted as an ominous sign in the negotiations, but Treasury Secretary Steven Mnuchin said the trip was delayed at the administration’s request to avoid confusion over the talks.

** Meanwhile, in a sign of Beijing’s goodwill ahead of senior-level negotiations in early October, Chinese importers bought about 10 boatloads of U.S. soybeans on Monday following deputy-level trade talks in Washington last week.

** In China, telecommunications, tech, and consumer stocks led the gains on Monday.

** In Hong Kong, telecommunications and utility stocks rose, but industrials and healthcare plays fell.

Reporting by Shanghai Newsroom; Editing by Rashmi Aich

Nuestros Estándares:Los principios Thomson Reuters
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