SHANGHAI: Chinese A-shares closed higher on Monday, boosted by gains in raw material and energy firms as the Russia-Ukraine conflict lifted commodity prices, while Hong Kong’s Hang Seng slipped as the city battles a worsening COVID-19 outbreak.
At the close, the Shanghai Composite index was up 0.32% at 3,462.31, after falling as much as 0.75%.
The blue-chip CSI300 index gained 0.18% after slipping as much as 0.93%.
Losses in the financial sector, down 0.31%, and the real estate sector, down 0.85%, were outweighed by strong gains in energy and materials shares.
The CSI Coal Index jumped 2.72%, the A-share Resources Index gained 2.1%, and the energy sector rose 1.82%.
Data from China’s statistics bureau showed the country’s biggest increase in total energy consumption and coal use in a decade in 2021.
Defence shares gained 1.38% as Chinese investors bet on sectors likely to benefit from the worsening Ukraine conflict.
Inflows into A-shares through the Stock Connect programme accelerated in the afternoon session, boosting the main indexes.
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