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China stocks rise on consumer, IT sectors; Hang Seng up
Thursday, December 30, 2021       14:00 WIB

December 30, 2021 - 11:56 AM Updated
Reuters
  • SSEC up 0.8%, CSI300 1%, HSI 0.2%
  • FTSE China A50 +1.0%

BEIJING, (Reuters) - China's equities rebounded on Thursday, led by consumer staples and information technology stocks, as sentiment was lifted by government pledges to focus on a consumption recovery and reduce certain income tax rates.
At the midday break, the Shanghai Composite index(. SSEC )was up 0.82% at 3,626.58 points, while the blue-chip CSI300 index(.CSI300)was up 1.03%.
China's commerce ministry on Wednesday vowed to focus on the continued recovery of consumption in 2022, and attract more foreign investments.
The country also said it would extend some favourable income tax policies to ease the burden for middle- and low-income groups, state media reported, quoting a cabinet meeting chaired by Premier Li Keqiang.read more
The measure is expected to cut taxes by 110 billion yuan ($17.27 billion) a year.read more
Consumer staples(.CSICS)gained 0.9%, with liquor makers(.CSI399997)rebounding 1.33% from losses in the previous session.
Season-wise, analysts expect liquor, food and beverage sales to gain momentum during the upcoming new year and Chinese Spring Festival holidays, benefiting related sectors.
Among other gaining sectors, the information and technology sector(.CSIINT)was up 2%, the media subindex(.CSI3999971)surged nearly 5% and semiconductor shares(. CSIH 30184)added 2.8%.
Chinese H-shares listed in Hong Kong(. HSCE )rose 0.13% to 8,109.6, while the Hang Seng Index(.HSI)was up 0.21% at 23,134.88.
The Hang Seng inched up as tech giants rebounded, with the Hang Seng Tech Index(.HSTECH)up 0.2%. Heavyweights Tencent(0700.HK)and Meituan(3690.HK)went up 0.6% and 0.9%, respectively.
Hong Kong shares of SenseTime Group(0020.HK), the Chinese artificial intelligence start-up, jumped as much as 23% from its market debut in Hong Kong on Thursday.read more
But mainland developers listed in Hong Kong(.HSMPI)lost 0.7% on Thursday, with Evergrande Group(3333.HK)tumbling 8.5% after the embattled real estate developer did not pay offshore coupons due earlier this week.read more
($1 = 6.3687 Chinese yuan renminbi)
Reporting by Beijing Newsroom and Shanghai Newsroom; Editing by Devika Syamnath

Sumber : Reuters

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