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China tech shares offset weak banks; Hong Kong hit by W. Asian tensions

Date 25-Nov-2015
Subject China tech shares offset weak banks; Hong Kong hit by W. Asian tensions

SHANGHAI, NOV 25: China technology shares rose on Wednesday on hopes of more government support for the sector, offsetting modest weakness in cyclical sectors such as banks and infrastructure-related companies.

But Hong Kong shares, which are more vulnerable to global factors, fell amid rising political tensions in West Asia after Turkey had shot down a Russian warplane near the Syrian border on Tuesday.

China’s CSI300 index fell 0.1 per cent to 3,751.75 points by the end of the morning session, while the Shanghai Composite Index gained 0.2 per cent to 3,621.90.

Banks fell 0.7 per cent and infrastructure dipped 0.3 per cent, but Shenzhen’s tech-heavy start-up board ChiNext rose 1.7 per cent to a four-month high.

“Despite rising volatility recently, the general trend of the market is still upward,’’ said Yang Hai, strategist at Kaiyuan Securities.

“The government will likely maintain loose monetary policies to ensure smooth economic restructuring.’’

Monetary policies

Investors are taking cues from a series of recent government policies aimed at promoting innovation as Beijing increasingly tries to move away from its old growth drivers of exports and investment to an economic model that is more reliant on consumption.

In a sign of growing confidence that China’s stock markets are stabilising, the securities regulator has lifted an order that required brokerages each day to buy more shares than they sell for any proprietary trading.

But China’s crackdown on financial markets in the wake of a stock slump in the summer continued as anti-corruption investigators opened probes into two of China’s largest brokerages and censured four insurance executives.

In Hong Kong, the Hang Seng index and the Hong Kong China Enterprises Index both fell 0.5 per cent to 22,476.36 and 10,107.60, respectively.

Almost all sectors in Hong Kong fell. But energy shares were generally up on higher oil prices triggered by the tension in West Asia.

Shares of Chow Tai Fook Jewellery Group jumped 7 per cent, heading for their biggest daily percentage gain since January 8, 2014, after the company declared a special dividend, boosting its total dividend payout nearly four times from a year ago.

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