Chinese Stocks Steady Amid Global Economic Concerns
Stocks in China remained mostly stable with the Shanghai Composite index flat and the blue-chip CSI300 index slightly up. Gains were seen in banks and miners, countering economic concerns. Hong Kong and regional markets suffered amidst fiscal worries in the U.S., alongside high Treasury yields.
- Country:
- China
Stocks in China held their ground on Thursday, as banking and mining sectors showed gains against a backdrop of global economic uncertainty. Mainland markets were stable, with the Shanghai Composite holding flat and the CSI300 index inching higher by 0.13%.
Trading in China was buoyed by the banking sector, which showed strong performances, supported by recent interest rate cuts. Meanwhile, mining stocks advanced as investors sought safe-haven assets like gold in response to U.S. debt woes. Western Region Gold saw a 3.38% increase by midday.
Conversely, Hong Kong's Hang Seng Index fell amid regional declines, influenced by Wall Street's sharp downturn and heightened Treasury yields. Despite this, J.P. Morgan's Wendy Liu remains optimistic about mainland A shares outperforming in due course, recommending internet and healthcare stocks.
(With inputs from agencies.)
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