SHANGHAI: China stocks ended slightly higher on Wednesday, after the International Monetary Fund (IMF) upgraded its economic growth forecasts for the Asian giant.
China’s economy is set to grow 5% this year, after a “strong” first quarter, the IMF said on Wednesday, raising its earlier forecast of 4.6% expansion.
Tech shares dragged Hong Kong’s key indexes lower, with e-commerce giants Alibaba and Meituan down 3.5% and 5.3%, respectively.
At the close, the Shanghai Composite index was up 0.05% at 3,111.02. The blue-chip CSI300 index was up 0.12%, with its financial sector sub-index lower by 0.49%, the consumer staples sector up 0.15%, the real estate index up 0.66% and the healthcare sub-index down 0.21%. The smaller Shenzhen index ended up 0.3% and the start-up board ChiNext Composite index was higher by 0.267%.
Around the region, MSCI’s Asia ex-Japan stock index was weaker by 1.48%, while Japan’s Nikkei index closed down 0.77%. ** At 08:12, the yuan was quoted at 7.2487 per US dollar, 0.06% weaker than the previous close of 7.2441.
At the close of trade, the Hang Seng index was down 344.15 points or 1.83% at 18,477.01. The Hang Seng China Enterprises index fell 1.92% to 6,557.48.
The sub-index of the Hang Seng tracking energy shares rose 0.9%, while the IT sector dipped 2.89%, the financial sector ended 1.78% lower and the property sector dipped 1.05%.
The top gainer on the Hang Seng was BYD Co Ltd, which gained 5.32%, while the biggest loser was JD Health International Inc, which fell 5.38%.
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