China stocks rise after Beijing announces measures to support property sector, positive.

From MarketScreener: 2024-05-20 00:53:39

Mainland China and Hong Kong shares rose on Monday, driven by Beijing’s efforts to stabilize the property sector. The Shanghai Composite index was up 0.38%, with the CSI300 index increasing by 0.21%. Gold stocks performed well, with Zijing Mining Group Co Ltd, Shandong Gold Mining Co Ltd, and Zhongjin Gold Corp Ltd rising over 2%.

Beijing announced measures to stabilize the property sector, including extra funding of 1 trillion yuan and easing mortgage rules. Analysts, like Ting Lu from Nomura, see this as a positive step in tackling the housing crisis. The Hang Seng Index in Hong Kong also rose by 0.49%.

At the midday break, the Shanghai tech-focused STAR50 index was down 0.21%, while the smaller Shenzhen index was up 0.17%. Gold stocks outperformed the market, with the CSI non-ferrous metal sub-index gaining 2.82%. MSCI’s Asia ex-Japan stock index was up 0.32%.

In addition to measures to support the property sector, the central bank facilitated 1 trillion yuan in extra funding. Gold stocks, including Zijing Mining Group Co Ltd, Shandong Gold Mining Co Ltd, and Zhongjin Gold Corp Ltd, rose over 2%. The yuan was quoted at 7.2295 per U.S. dollar.

Overall, the market responded positively to Beijing’s efforts to stabilize the property sector, with the Hang Seng Index in Hong Kong rising by 0.49%. Gold stocks were among the top performers, with the CSI non-ferrous metal sub-index gaining 2.82%. Mainland China and Hong Kong shares saw increases on Monday.



Read more at MarketScreener: China stocks rise after Beijing’s measures to revive property sector