Shanghai stocks close higher as cenbank pledges more political support

Shanghai stocks close higher as cenbank pledges more political support

“We still believe markets should remain focused on the development of the pandemic and the corresponding zero-COVID strategy,” said Nomura in a note. Tourism stocks fell 0.5% after government data showed Chinese travelers spent 43% less over the five-day Labour Day holiday than a year earlier.  Real estate developers lost more than 2%, dismissing vows to support the property market and provide reasonable financing needs to developers by the central bank, the securities regulator, the banking and insurance regulator, and the Shenzhen Stock Exchange. The CSI Computer Index dropped 1.5%, led by a 10% slump in Hangzhou Hikvision Digital Technology Co, following the Financial Times report that the United States is moving towards imposing new sanctions on the Chinese video surveillance company. CATL plunged more than 8% after the world’s largest electric vehicle (EV) battery manufacturer reported a 23.6% drop in first-quarter profit.

Shanghai stocks gained in a holiday-shortened week, with consumers leading the gains on Thursday as the central bank pledged support to ensure enough liquidity, however confidence remained low after polls revealed that China’s economic activity shrank last month. ** The Shanghai Composite Index rose 0.7 percent to 3,067.76 points, while the blue-chip CSI300 index fell 0.2 percent to 4,010.21. ** Official and private surveys showed China’s services and factory activities contracted at a faster pace in April amid escalating COVID-19 lockdowns, raising fears of a sharp economic slowdown in the second quarter that will weigh on global growth. Consumer staples edged up 0.2%, and consumer discretionary added 2.4%, while automobiles and healthcare firms each went up 3.5%. Beijing shut scores of metro stations and bus routes and extended COVID-19 curbs on many public venues, focusing efforts to avoid the fate of Shanghai, where millions have been under strict lockdown for more than a month.

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