China markets bounce as central bank pledges support, but COVID woes limit gains

China markets bounce as central bank pledges support, but COVID woes limit gains

China’s central bank on Wednesday pledged monetary policy support to ensure ample liquidity, help businesses badly hit by the latest COVID-19 outbreak in the country, and support a recovery in consumption. Consumer staples rose 1.4%, and consumer discretionary added 2.9%. Beijing shut scores of metro stations and bus routes and extended COVID-19 curbs on many public venues on Wednesday, focusing efforts to avoid the fate of Shanghai, where millions have been under strict lockdown for more than a month.

China’s equities gained on Thursday, marking the start of trade after a holiday, with consumer companies leading the way after the central bank pledged assistance, despite dismal sentiment following April economic activity statistics. At the close of the morning session, the CSI300 index was up 0.5 percent to 4,037.86, while the Shanghai Composite Index was up 1.1 percent to 3,080.77 points. The Hang Seng index increased by 0.7% to 21,006.67 points. The Hong Kong China Enterprises Index increased by 0.8% to 7,193.65. China’s services and factory operations contracted at a faster pace in April, according to both government and private polls, heightening fears of a dramatic economic slowdown in the second quarter that will weigh on global growth.

Tourism stocks fell more than 1% as Nomura said domestic tourism trips and revenue during the Labour Day holiday dropped 30.2% and 42.9% y-o-y, respectively, citing data from the Ministry of Culture and Tourism. New energy stocks declined 1.1%, with CATL slumping nearly 6% after the world’s largest electric vehicle (EV) battery manufacturer reported a 23.6% drop in first-quarter profit. Hong Kong shares edged up, led by tech names after the U.S. central bank raised interest rates by 50 basis points but sounded a less hawkish tone than some had feared. The Hang Seng Tech Index climbed 1.7%, with Meituan up more than 3%.

Disclaimer: If you need to edit or update this news from compsmag then kindly contact us Learn more

For Latest News Follow us on Google News


Latest Headlines
  • Show all
  • Trending News
  • Popular By week
According to FDA, Abbott baby formula manufacturing will reopen in 1-2 weeks
According to FDA, Abbott baby formula manufacturing will reopen in 1-2 weeks
“I’m pleased to say today we’ve already made significant progress and I think we are on track to get it open within the next week to two weeks, most likely ...
JSW Steel increases amount of pulverized coal purchased from Russia
JSW Steel increases amount of pulverized coal purchased from Russia
“We have increased our supplies of pulverised coal from Russia up to 10-15 per cent of our requirement. Earlier, it was in the range of 2-3 per cent,” Nowal ...
HP chose the Ubuntu-based Pop!  Linux OS as the operating system for your next Dev One laptop;  can System76 be purchased
HP chose the Ubuntu-based Pop! Linux OS as the operating system for your next Dev One laptop; can System76 be purchased
So, what does this tell me? Well, it is purely speculation, but as the old adage says, “where there is smoke, there is fire.” And so, it is safe to assume ...
For current-gen consoles, Super Impossible Road has a release date
For current-gen consoles, Super Impossible Road has a release date
If you’re not up to cosmic speed, the game is all about racing balls in space on vertigo-inducing tracks. The trailer below will provide more context on just ...
As supply chain issues remain, Applied Materials predicts a dismal current quarter
As supply chain issues remain, Applied Materials predicts a dismal current quarter
“We anticipate our ability to fulfill this demand will remain constrained by ongoing supply chain challenges in the near term with incremental improvements ...
Sri Lanka's central bank governor says he sees more stability and plans to stay in office
Sri Lanka’s central bank governor says he sees more stability and plans to stay in office
“We now have fresh appointments. We have also seen that our measures are working well. I would like to see a finance minister appointed. Now we are seeing ...
Cartelization will be difficult, according to FM
Cartelization will be difficult, according to FM
Amidst rising inflation which has also raised concerns about the economic recovery from the coronavirus pandemic, the minister said there are a few ...
H&M Accesses $36 Million Deal With New York Over Unused Gift Cards
H&M Accesses $36 Million Deal With New York Over Unused Gift Cards
New York law requires gift card issuers to turn over unused card balances to the fund after five years of inactivity. H&M will pay $36 million to settle ...
Today's NetEase Connects 2022 webcast included Naraka: Bladepoint's mobile gameplay
Today’s NetEase Connects 2022 webcast included Naraka: Bladepoint’s mobile gameplay
Details on the mobile gameplay weren’t the only Naraka: Bladepoint news today, though. It was also revealed that the new character, Takeda Nobutada, The ...
Disabling iMessage is affecting certain iPhone Commercial
Disabling iMessage is affecting certain iPhone Commercial
Another solution flagged to me by some is removing your eSIM account from the iPhone and setting that up again. But that’s complex for most people and ...
Show next
We will be happy to hear your thoughts

Leave a reply

Compsmag - Latest News In Tech and Business
Logo