China shares rise as new energy, liquor sectors gain

  • 8/24/2021
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Aug 24 (Reuters) - China shares extended their rebound on Tuesday, led by energy and liquor sectors, while Hong Kong stocks also rose as investors snapped up tech and healthcare shares battered by a sell-off last week. ** The CSI300 index rose 1.1% to 4,887.44 points at the end of the morning session, while the Shanghai Composite Index gained 1.0% to 3,511.97 points. ** The Hang Seng index added 1.6% to reach 25,501.75 points. The Hong Kong China Enterprises Index gained 2.0% to 8,992.15. ** The new energy sub-index, the new energy vehicle sub-index and the liquor sub-index led the gains, going up 3.2%, 3% and 3.1%, respectively. ** China’s central bank chief Yi Gang said on Monday policy should increase credit support to the real economy, especially small and medium enterprises, and enhance the stability of total credit growth. ** A sub-index tracking defence shares dropped 2.9%, after a military file called on to reduce costs in raw material procurement. ** In Hong Kong, the tech sub-index resumed gains from last session and went up 4.5%. ** Food-delivery giant Meituan surged 9.4%, the biggest daily gainer in the Hang Seng Index, moving the benchmark up 134 points. ** Social-media giant Tencent Holdings and e-commerce giant Alibaba Group gained 4.6% and 5%, respectively. ** Tencent bought back shares for HK$100.9 million on Aug 23, the third buyback in three straight trading days. ** The Hang Seng Healthcare sub-index went higher by 4.3%. Healthcare companies Wuxi Biologics and Alibaba Health Information Technology surged 7.6% and 5.9%, respectively. ** Wuxi Biologics reported on Monday net profit jumped 163% to 1.77 billion yuan ($273.1 million) with revenue surging 126.7% to 4.41 billion yuan. (Reporting by Shanghai Newsroom; Editing by Krishna Chandra Eluri) Our Standards: The Thomson Reuters Trust Principles.

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