Oct 29, 2024 at 4:49 am GMT
Updates to midday
SHANGHAI (Reuters) -China stocks dipped on Tuesday, weighed down by energy and property shares, as investors await details of stimulus measures from a top leadership meeting next week, while Hong Kong stocks were roughly flat.
China's blue-chip CSI300 Index .CSI300 dropped 0.6% by midday, while the Shanghai Composite Index . SSEC was down 0.7%. The Hong Kong benchmark Hang Seng .HSI was almost flat.
Energy .CSIEN and property .CSI000952 shares were down 1.8% and 2.1%, respectively, dragging onshore sentiment, while information technology shares .CSIINT were up 1.2%.
In Hong Kong, technology shares .HSTECH rose 0.9%, but the gains were offset by losses in property stocks .HSMPI.
Investor attention is on a Chinese top leadership meeting that will be held from Nov. 4-8. The market is expecting extra government bonds to be approved during the meeting, but the actual size of the stimulus is not clear yet.
"In view of the huge fiscal revenue gap and the Finance Minister's pledge to meet fiscal targets, we believe the NPC (National People's Congress) is likely to approve around RMB 1.0 trln of extra budget or even raise in-budget fiscal deficit ratio above 3% of GDP for this year," said Ting Lu, chief China economist at Nomura.
Lu said U.S. election results will have a limited impact on the size of Beijing's stimulus package, as major challenges emanate from within rather than outside.
Lu estimates that the size of China's fiscal stimulus package would be around 10%-20% bigger under a Trump win than under a Harris win scenario.
China outlined steps on Monday to improve family planning and parenting measures in an effort to boost the number of births, according to a statement from the state council, or cabinet, after two consecutive years of shrinking population numbers.
 Reporting by Shanghai Newsroom; Editing by Nicholas Yong and Abinaya Vijayaraghavan 

Sumber : Reuters