China shares rise driven by consumer, healthcare stocks; Hang Seng slips
|10/27/2020 | 11:44pm|
* SSEC 0.2%, CSI300 0.6%, HSI -0.3%
* HK->Shanghai Connect daily quota used -1.2%, Shanghai->HK daily quota used 6.1%
* FTSE China A50 +0.5%
BEIJING/SHANGHAI, Oct 28(Reuters) - China stocks rose on Wednesday, led by gains in consumer and healthcare companies, as sentiment was lifted by hopes of a speedy economic recovery from the COVID-19 pandemic. ** At the midday break, the Shanghai Composite index was up 0.16% at 3,259.60 points. ** The blue-chip CSI300 index was up 0.55%. The consumer staples sector jumped 2.55% and the healthcare sub-index gained 0.84%. ** The smaller Shenzhen index was up 0.3%. The start-up board ChiNext Composite index rose 0.51% and Shanghai's tech-focused STAR50 index jumped 1.21%. ** Mainland shares are accumulating momentum this week as investors are expecting further economic recovery and new listings of fintech shares such as Alibaba's Ant Group , said Yang Delong, investment manager at First Seafront Fund Management Co. ** A Reuters poll forecast China's fourth-quarter GDP rising 5.8% year-on-year, up from 4.9% reported in the July-September period as economic recovery accelerated in the third quarter after consumers shook off their coronavirus caution. ** Hong Kong's aggregate balance, an indicator of Hong Kong dollar liquidity, will hit an all-time high on Oct. 29 as the Ant IPO attracts cash into the financial hub. Ant Group is looking to raise up to $34.4 billion in Hong Kong and Shanghai. ** Markets liquidity will be tested by the upcoming blockbuster Ant IPO and investors are likely to lock in more profits from blue-chip property and financial shares, said Zhang Qi, analyst with Haitong Securities Co. ** Investors shrugged off news of a resurgence in coronavirus infections in the northwestern Xinjiang region. China reported 42 new COVID-19 cases on Oct. 27, the highest daily toll in more than two months. ** Chinese H-shares listed in Hong Kong fell 0.35% to 9,968.41, while the Hang Seng Index was down 0.24% at 24,727.20. ** Around the region, MSCI's Asia ex-Japan stock index was firmer by 0.14%, while Japan's Nikkei index was down 0.31%.
(Reporting by Cheng Leng in Beijing, Luoyan Liu and Andrew Galbraith in Shanghai; Editing by Amy Caren Daniel)