Latest news with #CSI300
Free Malaysia Today
2 hours ago
- Business
- Free Malaysia Today
China, Hong Kong shares extend rally on Tibet dam project boost
China's blue-chip CSI300 Index climbed 0.4% by the lunch break. (EPA Images pic) SHANGHAI : China stocks climbed to an eight-month high today, while Hong Kong shares extended gains to a multi-year peak, driven by construction and power firms after work began on a major dam project in Tibet, billed as the world's largest. China's blue-chip CSI300 Index climbed 0.4% by the lunch break, while the Shanghai Composite Index gained 0.3%. Hong Kong benchmark Hang Seng added 0.3%. The Hang Seng Index rose to 25,120, the highest since November 2021, while the CSI 300 Index touched its strongest point since November 2024. Some construction and power stocks extended rallies after China announced over the weekend the start of construction on a US$170 billion hydropower dam in Tibet. Shanghai-listed Anhui Conch Cement jumped more than 6%, while Power Construction Co of China hit the daily maximum of 10%. 'Investors usually don't care much about the real economy in such a bull market, especially with the rise of their confidence in Beijing's capability in handling any economic cracks,' said Ting Lu, chief China economist at Nomura. 'Easing US-China tensions, Beijing's push for long-term funds to invest in stocks and renewed confidence in the country's manufacturing sector lifted sentiment,' Lu noted. 'However, if stock markets lose steam, investors might shift more attention to the real economy, which will likely face some challenges in the second half of this year (H2 2025),' Lu said. Meanwhile, the CSI Banks Index lost 1.1%, while healthcare shares rose 1%. US treasury secretary Scott Bessent said yesterday that Washington and Beijing would hold talks 'in the very near future,' with discussions potentially covering China's purchases of Iranian and Russian oil.
Business Recorder
2 days ago
- Business
- Business Recorder
China stocks near 2022 high on construction, rare earth gains
HONG KONG: China stocks closed near 3-1/2-year high on Monday, led by rare earth and construction sectors, while Hong Kong stocks rose as internet heavyweights rallied following a government rebuke on price wars. The Shanghai Composite index added 0.7% to 3,559.79, its highest closing since January 2022. China's blue-chip CSI300 index also gained 0.7%. Leading the gains onshore, the CSI Construction & Engineering Index rallied 4.3% to a seven-month high after China began construction of a $170 billion hydropower dam in Tibet. The project is macro relevant and could provide some demand support, likely easing concerns on growth and the labor market marginally, Citi analysts said in a note. Also lifting markets, the rare earth sector advanced 3.2% following a Reuters report that Beijing has quietly issued its first 2025 rare earth mining and smelting quotas. In Hong Kong, the benchmark Hang Seng Index grew 0.7% after briefly topping the 25,000 level for the first time since February 2022. Platform companies Meituan, and Alibaba rose between 1.8% and 2.7% after Beijing summoned the three and asked them to cool a bruising price war, a move dubbed by investors as an 'anti-involution' campaign. Positive catalysts from anti-involution policies and strength in the tech sector have lifted sentiment, which together with a solid economic foundation have fuelled the market rally that's surprising in its timing yet reasonable, Huatai Securities said. Looking ahead, Chinese policymakers are expected to hold the July Politburo meeting in the coming days to discuss economic policies for the second half of this year. Goldman Sachs analysts said they don't expect broad-based, significant stimulus in the near term, but anticipate continued policy pledges to regulate disorderly price competition and contain the 'involution'.
The Star
2 days ago
- Business
- The Star
China stocks near 2022 high on construction, rare earth gains; Hang Seng tests 25,000
HONG KONG: China stocks closed near 3-1/2-year high on Monday, led by rare earth and construction sectors, while Hong Kong stocks rose as internet heavyweights rallied following a government rebuke on price wars. The Shanghai Composite index added 0.7% to 3,559.79, its highest closing since January 2022. China's blue-chip CSI300 index also gained 0.7%. Leading the gains onshore, the CSI Construction & Engineering Index rallied 4.3% to a seven-month high after China began construction of a $170 billion hydropower dam in Tibet. The project is macro relevant and could provide some demand support, likely easing concerns on growth and the labor market marginally, Citi analysts said in a note. Also lifting markets, the rare earth sector advanced 3.2% following a Reuters report that Beijing has quietly issued its first 2025 rare earth mining and smelting quotas. In Hong Kong, the benchmark Hang Seng Index grew 0.7% after briefly topping the 25,000 level for the first time since February 2022. Platform companies Meituan, and Alibaba rose between 1.8% and 2.7% after Beijing summoned the three and asked them to cool a bruising price war, a move dubbed by investors as an "anti-involution" campaign. Positive catalysts from anti-involution policies and strength in the tech sector have lifted sentiment, which together with a solid economic foundation have fuelled the market rally that's surprising in its timing yet reasonable, Huatai Securities said. Looking ahead, Chinese policymakers are expected to hold the July Politburo meeting in the coming days to discuss economic policies for the second half of this year. Goldman Sachs analysts said they don't expect broad-based, significant stimulus in the near term, but anticipate continued policy pledges to regulate disorderly price competition and contain the "involution". - Reuters
Business Recorder
2 days ago
- Business
- Business Recorder
China stocks rise on construction, rare earth gains; HK tests 3-1/2-year high
HONG KONG: China stocks hitmulti-month highs on Monday, led by rare earth and construction sectors, while Hong Kong shares rose as tech stocks rallied following a government rebuke on price wars. At the midday break, the Shanghai Composite index rose 0.4% to 3,549.89, the highest since last October. China's blue-chip CSI300 index added 0.2% to a seven-month high. Leading the gains, the CSI Construction & Engineering Index jumped as much as 4% after China began construction of a $170 billion hydropower dam in Tibet. The rare earth sector advanced nearly 3% following a Reuters report that Beijing has quietly issued its first 2025 rare earth mining and smelting quotas. Positive catalysts from anti-involution policies and strength in the tech sector lifted sentiment, while a solid economic foundation fuelled the market rally that's surprising in its timing yet reasonable, Huatai Securities said. Hong Kong's benchmark Hang Seng Index grew 0.3% after briefly topping the 25,000 level for the first time since February 2022. Platform companies Meituan, and Alibaba rose between 1.8% and 2.8% after Beijing summoned the three and asked them to cool a bruising price war in an ongoing 'anti-involution' campaign. This came after regulators called for 'rational competition' in the auto and food delivery sectors to regulate intense price wars and promote sustainable development, dubbed by investors as an 'anti-involution' campaign. weighing on gains in Hong Kong. Looking ahead, Chinese policymakers are expected to hold the July Politburo meeting in the coming days to discuss economic policies for the second half of this year. 'They may reiterate their pledge to boost domestic demand and to stabilise exports, employment and the property market' instead of rolling out broad-based, significant stimulus in the near term, analysts at Goldman Sachs said.
Business Recorder
6 days ago
- Automotive
- Business Recorder
Auto, AI drive China stocks higher
HONG KONG: Chinese shares edged up on Thursday, buoyed by regulatory support for the auto sector and renewed optimism in AI-related stocks, while Citi upgraded China equities, citing improved earnings trends and structural growth themes. At market close, the Shanghai Composite index climbed 0.4% to 3,516.83, and China's blue-chip CSI300 index was up 0.7%. Leading gains were AI-related shares that added 1.8% and the info tech sector that jumped 2.1%, as news that Nvidia will ramp up supply of H20 chips to China lifted sentiment. Auto stocks edged up 1.7% after authorities pledged to regulate the excessive competition and intense price wars in the electric vehicle (EV) industry. In Hong Kong, the benchmark Hang Seng Index closed flat but held near a four-month high. The biotech and healthcare sectors rallied more than 5% each after US President Donald Trump dialled down his harsh tone towards China, offering fresh optimism about the trade deal prospects. Analysts at Citi upgraded China equities to 'overweight', citing comparatively improved earnings outlook, reasonable valuations, and structural themes such as AI and corporate governance reforms. Internet names are among the top picks, as recent headlines about resumed sales of AI chips by US companies to China could be incrementally positive, the analysts said. 'While the domestic economic picture remains mixed, a potential acceleration in support for domestic demand could be an upside catalyst,' they said in a note on Thursday.
