SHANGHAI: Chinese equities closed higher on Tuesday, helped by gains in consumer stocks on hopes of a demand recovery as Beijing further eased COVID-19 curbs, while investors booked profits in some shares that had rebounded sharply in recent sessions.
Stocks, oil prices rise on China boost
** The blue-chip CSI300 index rose 0.3% to 4,179.13, while the Shanghai Composite Index gained 0.2% to 3,241.76.
** In the latest sign of easing curbs in the capital Beijing, the Universal Beijing Resort said it would reopen on June 15 after being closed more than a month to comply with China’s COVID-19 prevention measures.
** Investors’ focus will shift to fundamentals and the market is expected to see range-bound performance after a recent rebound, said analysts at Bosera Asset Management Co.
** The CSI 300 index has risen more than 10% since hitting a trough on April 26.
** The Reserve Bank of Australia raised interest rates by the most in 22 years and flagged more tightening to come as it battles to restrain surging inflation, weighing on shaky Asian stocks.
** Healthcare stocks gained 2.1%, while consumer staples and real estate developers both edged up more than 1.4%.
** Liquor makers added 1.9% on hopes that an easing of COVID-19 curbs will lead to a recovery in consumption, with index heavyweight Kweichow Moutai Co Ltd up 1.7%.
** Meanwhile, semiconductors and automobiles retreated 2% each. Both sectors had led gains in the recent rebound, still up roughly 24% and 40% since April 26, respectively.
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