INSUBCONTINENT EXCLUSIVE:
SHANGHAI: China and Hong Kong stocks rose on Thursday morning after the US Federal Reserve took a more accommodative stance at its policy
meeting.
The CSI300 index rose 0.2 per cent, to 3,844.25 points, at the end of the morning session, while the Shanghai Composite Index
gained 0.6 per cent, to 3,109.48 points.
The Hang Seng index added 0.2 per cent, to 29,370.02 points, while the Hong Kong China Enterprises
Index gained 0.5 per cent, to 11,683.39.
In comments at the end of a two-day policy meeting on Wednesday, the Fed abandoned projections for
any interest rate hikes this year amid signs of an economic slowdown, and said it would halt the steady decline of its balance sheet in
September.
Meanwhile, there are concerns about valuations as major Chinese stock indexes trade near nine-month highs, amid lingering
concerns about trade talks with the United States.
US President Donald Trump on Wednesday warned that Washington may leave tariffs on
Chinese goods for a "substantial period" to ensure Beijing's compliance with any trade deal.
China-US trade talks are set to resume next
week.
The yuan was quoted at 6.6828 per US dollar, 0.17 per cent firmer than the previous close of 6.6943.
The largest percentage gainers on
the main Shanghai Composite index were Gansu Yasheng Industrial Group Co Ltd , up 10.14 per cent, followed by Baiyin Nonferrous Group Co
Ltd, gaining 10.09 per cent, and Xinjiang Tianfu Energy Co Ltd, up by 10.07 per cent.
The largest percentage losers on the Shanghai index
were Guangzhou Restaurant Co Ltd, down 7.89 per cent, followed by Jiangsu Luokai Mechanical Electrical Co Ltd , losing 5.77 per cent, and
Zhejiang Dafeng Industrial Co Ltd, down by 5.66 per cent.
So far this year, the Shanghai stock index is up 23.93 per cent, while China's
H-share index is up 14.8 per cent
Shanghai stocks have risen 5.09 per cent this month.
The top gainers among H-shares were New China Life Insurance Co Ltd, up 10.17 per cent,
followed by CSPC Pharmaceutical Group Ltd, gaining 4.28 per cent, and Anhui Conch Cement Co Ltd, up by 3.51 per cent.
The three biggest
H-shares percentage decliners were China Resources Land Ltd, which has fallen 1.50 per cent, Hengan International Group Company Ltd, which
has lost 0.5 per cent, and Huatai Securities Co Ltd, down by 0.4 per cent.
About 22.59 billion shares have traded so far on the Shanghai
exchange, roughly 62.8 per cent of the market's 30-day moving average of 36.00 billion shares a day
The volume traded was 35.86 billion as of the last full trading day.
As of 04:31 GMT, China's A-shares were trading at a premium of 24.33
per cent over the Hong Kong-listed H-shares.
