July 30, 2020 / 4:57 AM / 16 days ago

China, HK stocks steady as Fed dovish stance aids sentiment

SHANGHAI, July 30 (Reuters) - Chinese stocks were steady on Thursday, following sharp gains in the previous session, as the U.S. Federal Reserve's pledge to limit damage from the pandemic lifted sentiment across global equity markets, while Hong Kong's benchmark index jumped 1%.

** China's blue-chip index CSI300 was trading at 4,675.13 points at the end of the morning session, after closing 2.4% firmer at 4,679.01 points on Wednesday. The Shanghai Composite Index gained 0.1% to 3,297.57 points.

** Hong Kong's benchmark Hang Seng index added 1.1% to 25,143.60 points, while the Hong Kong China Enterprises Index , which tracks China-listed firms, gained 0.5% to 10,235.33.

** All Fed members voted to leave the target range for short-term rates between 0% and 0.25%, where it has been since March 15 when the virus was beginning to hit the nation.

** The unchanged policy setting together with a pledge the Fed would use its "full range of tools" if needed boosted risk appetite overnight with all three Wall Street indexes finishing firmer.,, .

** China's benchmark indexes lost some steam on Thursday after jumping more than 2% in the previous session on bargain hunting. Meanwhile, the tech-heavy STAR Market <STAR 50>, which surged 5.5% on Wednesday, rose 0.9% by lunch break.

** Chinese healthcare stocks surged on reports that Chinese drug company Sinopharm and Parana state have agreed to launch the fourth major COVID-19 vaccine trial in Brazil and will seek regulatory approval in the next two weeks.

** In its latest strategy report, UBS China research team identified some sectors that could outperform the broader market despite rising the Sino-U.S. tensions. They include premium beer makers, leading construction firms, infrastructure companies and Chinese players in Apple's supply chain.

** In Hong Kong, most sectors rose with healthcare and IT leading the gains. (Reporting by Samuel Shen and Andrew Galbraith, Editing by Sherry Jacob-Phillips)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below