May 06, 2024 at 12:35 am EDT
SHANGHAI, (Reuters) - Mainland Chinese shares staged a catch-up rally tracking their regional peers on Monday as investors returned from a long Labor Day holiday, while the Hong Kong market edged lower.
** Broader Asian stocks rose on renewed bets that the U.S. Federal Reserve would likely ease rates this year, while the yen weakened after a strong surge last week from Tokyo's suspected currency intervention.
** Sentiment was also improved as China would step up support for the economy with prudent monetary and proactive fiscal policies, including interest rates and bank reserve requirement ratios, the Politburo of the Communist Party was quoted by state media as saying.
** "The April Politburo meeting statement reflected a strong commitment to stimulate growth, especially in the discussion on potential property de-stocking measures," said Jason Lui, head of APAC equity and derivative strategy at BNP Paribas in a note.
He upgraded view on the MSCI China index ( MXCN ) by adopting the bull case as new base scenario, suggesting a 4% additional upside from current levels.
** The Shanghai Composite index was up 1.05% at 3,137.36 points by the midday break, while the blue-chip CSI 300 index rose 1.53%.
** The financial sector sub-index, consumer staples, real estate index and healthcare sub-index climbed between 1% and 2.77%.
** Chinese H-shares listed in Hong Kong fell 0.26% to 6,529.98, while the Hang Seng Index slipped 0.05% to 18,466.91.
** The smaller Shenzhen index was up 1.96%, the start-up board ChiNext Composite index was higher by 2.18% and Shanghai's tech-focused STAR 50 index was up 1.63%.
** Around the region, MSCI 's Asia ex-Japan stock index was firmer by 0.48% while Japan's Nikkei index was down 0.10%.
** The yuan was quoted at 7.2142 per U.S. dollar, 0.15% firmer than its previous close of 7.225. (Reporting by Shanghai Newsroom; Editing by Varun H K)
Sumber : Reuters
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