From BR Research: 2024-04-29 01:16:56

China and Hong Kong stocks surged on Monday as some cities eased home purchase restrictions. Chinese property developers saw gains of 6.9% in China and 4.3% in Hong Kong. Meanwhile, China’s industrial profits fell in March, casting doubts on the economy’s recovery. Shanghai Composite index rose 0.8% at midday.

The blue-chip CSI300 index in China was up 1.4%, with gains in the financial, consumer staples, real estate, and healthcare sectors. H-shares in Hong Kong rose 0.9%, with the Hang Seng Index up 1.29%. Other Chinese indices also saw increases, with gains in the tech-focused STAR50 index.

Regionally, MSCI’s Asia ex-Japan stock index and Japan’s Nikkei index were also up. The yuan was quoted at 7.2449 per US dollar. Top gainers in the Shanghai Composite index were Guangdong Fangyuan New Materials Group Co Ltd, Shenzhen Qingyi Photomask Ltd, and Wuhan Citms Technology Co Ltd. Among H-shares, Longfor Group Holdings Ltd, JD Health International Inc, and Xpeng Inc saw gains.



Read more at BR Research: China, HK stocks rise, led by property shares – Markets