Chinese equities close higher on hopes for monetary easing
HONG KONG, May 15 (Reuters) – Chinese stocks ended their gains on Monday as investors raised hopes for an easing of policy and a stimulus to capital markets. Hong Kong stocks also closed higher ahead of tech giant Tencent’s quarterly report.
The Shanghai Composite was up 1.17% to 3,310.74, while the blue chip CSI300 was up 1.55% to 3,998.89.
The Hong Kong Hang Seng Index and China Enterprises Index rose by 1.75% to 19,971.13 points and 6,780.08 points respectively.
After last week’s disappointing trade, inflation and credit figures in April, investors are looking to Beijing for more supportive monetary policy to ensure the country’s economic recovery.
The financial sector sub-index increased by 1.92%, the consumer goods sector by 0.74% and the healthcare sector by 2.38%. The real estate index fell by 0.15%.
The increase was accompanied by shares of JinGuan Electric Co, Anhui Yuanchen Environmental Protection Science & Technology Co and XTC New Energy Materials Xiamen Co.
Insurance and energy shares in Shanghai rose 4.7% and 3.5% respectively, while media shares fell 2%.
At the same time, Hong Kong-listed tech giants increased their value by 1.3%. Heavyweight Tencent was up 3.9%.
Tech giants including Tencent and Alibaba are expected to report quarterly results this week.
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