HONG KONG, Nov 23 (Reuters) – China stocks traded in a tight range and ended higher on Wednesday, helped by the latest round of property financing support policies, including the central bank’s 200 billion loans.
Shares in Hong Kong rebounded after a 5-day losing streak, as gains in US stocks overnight helped the local market.
** China’s blue-chip CSI 300 Index edged up 0.1%, while the Shanghai Composite Index advanced 0.26%.
** Hong Kong’s Hang Seng Index rose 0.57% and the Hang Seng China Enterprises Index climbed 0.74%.
** China’s Bank of Communications agreed to provide a 100-billion-yuan credit line to developer Vanke in the latest sign of support for the embattled property sector.
** China’s central bank will provide 200 billion yuan in loans to six commercial banks for housing completions, according to a deputy central bank official quoted by the state-run Economic Daily on Monday.
** Asian share markets mostly rose on Wednesday, but oil and the dollar slipped as rising COVID-19 cases in China raised fears of fresh lockdowns that could slow the reopening of the world’s second-largest economy.
** China reported 29,157 new cases for Nov. 22 vs 28,127 a day earlier.
** Beijing shut parks and museums on Tuesday and Shanghai tightened rules for people entering the city as authorities grappled with a spike in infections.
** “Market sentiment cooled a bit after a strong rally in the first half of November,” said Linus Yip, a strategist at First Shanghai Securities, adding overall sentiment leaned towards the positive side, driven by the COVID-19 policy pivot and slowing US interest rate hikes.
** Yi Huiman, chairman of the China Securities Regulatory Commission, said on Monday that China will explore ways to establish a capital market with “Chinese characteristics” so market resources can be allocated more effectively.
** Liquidity conditions in China’s interbank money markets eased further on Tuesday, as cash supply far outpaced demand.
** State-owned companies were the outperformers in A-shares, with infrastructure names jumping 1.2% and banks rising 0.3%.
** Energy and real estate stocks also rose 1.2% and 0.1%, respectively.
** In Hong Kong, Alibaba jumped 3.2% after Reuters reported Chinese authorities are poised to impose a fine of more than USD 1 billion on its affiliate Ant Group, setting the stage for ending the fintech company’s two-year-long regulatory overhaul.
** Hang Seng Tech advanced 1.1%, while Hong Kong-listed mainland properties gained 1.7%.
(Reporting by Summer Zhen; editing by Uttaresh.V and Savio D’Souza)
This article originally appeared on reuters.com