Dec 18, 2024 at 5:15 am GMT
By Summer Zhen
HONG KONG (Reuters)-China and Hong Kong stocksrebounded on the day from Tuesday's decline, as a Reuters report on China planning a record budget deficit for 2025 and Beijing's call for state-owned companies to boost market value lifted sentiment.
** At the midday break, the Shanghai Composite index. SSEC rose 0.72% to 3,385.64 points afterdropping 0.73% on Tuesdaytoclose at the lowest since Nov. 29, while China's blue-chip CSI300 index.CSI300gained 0.52%.
** Chinese H-share index in Hong Kong, the Hang Seng China Enterprises Index. HSCE , added 0.86% to 7,166.5.
** The Hang Seng Index.HSIadvanced 0.58% at 19,815.30. It lost 0.5% in the last session.
** Most sectors gained by midday, led by semiconductors and state-owned firms.CSI000825adding 2% and 1.2%, respectively.
** State-owned firms listed in Hong Kong.HSCSOEclimbed 0.8%.
** The rally comes after the State-owned Assets Supervision and Administration Commission (SASAC) on Tuesday issued guidelines, urging state-owned firms to improve market value management of listed companies, including measures such as mergers and acquisitions, information disclosure and stock buy-backs.
** Investors raised bets of more forceful fiscal stimulus next year after a Reutersreportsaid Chinese leaders have agreed to raise the budget deficit to 4% of gross domestic product (GDP) next year, highest on record, while maintaining an economic growth target of around 5%, citing sources.
** Morgan Stanley called the potential plan positive, citing the report.
** "Beijing is willing to set a high growth target and record fiscal budget to boost market confidence," the brokerage said, adding that details will unlikely be known until March.
** The smaller Shenzhen index. SZSC gained 0.74%, the start-up board ChiNext Composite index.CNTadded 0.11% and Shanghai's tech-focused 50 index.50jumped 1.16%.
** Around the region, MSCI 's Asia ex-Japan stock index.MIAPJ0000PUSfirmed 0.27%, while Japan's Nikkei index.N225slipped 0.54%.
** Chinese ADRs.HXCrose 1.97% overnight.
** The yuanCNY=CFXSwas quoted at 7.2851 per U.S. dollar, 0.02% weaker than Tuesday's close of 7.284.
Reporting by Summer Zhen; Editing by Sumana Nandy
Sumber : Reuters
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