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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.
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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%.
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