Nov 29, 2024 at 5:03 am GMT
By Jiaxing Li
Hong Kong (Reuters)- Chinese stocks rallied on Friday, and were set for monthly gains,on hopesoffactory data this weekendshowinga pick-up in activity and as investors bet on more stimulusaftera key policy meeting next month.
** At the midday break, China's blue-chip CSI300 index.CSI300was up 2.01%, the best gain in three weeks. The Shanghai Composite index. SSEC added 1.59% at 3,348.20 points.
** The financial sector sub-index.CSI300FSadvanced 2.19%, the consumer staples sector.CSI000912rose 2.17%, the real estate index.CSI000952added 1.65% and the healthcare sub-index.CSI300HCgained 2.28%.
**Hong Kong equities also gained on the day, with theHang Seng Index.HSIclimbing1.29% at 19,616.44.
** However,being moresensitive to international investors' sentiment towards China, the stocks were setfora second month of losseson loominggeopolitical uncertaintiesandtariff risks.
** China's factory activity likely expanded modestly for a second straight month in November as the stimulus trickled through, a Reuterspollshowed, though threats of new U.S. trade tariffs clouded the outlook.
** The official purchasing managers' index (PMI) due Saturday is expected to comeinat 50.2, higher than October's50.1and above the 50-point threshold that separates growth from contraction in activity.
** Meanwhile, the long-running property downturn isexpectedto see some improvement, with home prices set to fall at a slower pace this year and nextto stabilisein 2026, according to a separate Reuterspoll.
** The gains in the onshore marketon the dayhelped recoup all the losses seen earlier in November, putting the CSI 300 Index on track to register the best month since the policy blitzbeganin September.
** Investors are alsoeyeing December'sCentral Economic Work Conference, which could provide more details about the fiscal budget and the scale of stimulus for consumption for the next year, Kevin Liu, managing director and strategist at CICC Research, said.
** "The meeting will be the short-term focus and performancewill likelyfluctuate around market expectations."
 Reporting by Hong Kong Newsroom; Editing by Sumana Nandy 

Sumber : Reuters