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China, Hong Kong stocks rise, led by property shares
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China, Hong Kong stocks rise, led by property shares
Apr 29, 2024 2:24 AM

(Updates to market close)

SHANGHAI, April 29 (Reuters) - China and Hong Kong

stocks rose on Monday, led by real estate shares amid

speculation that more stimulus measures are likely to be

unveiled this week aimed at clearing inventory, boosting sales

and lifting home purchase restrictions.

Chinese property developers traded in China and

Hong Kong jumped 7.3% and 3.8%, respectively, after

some tier-2 cities relaxed home purchase restrictions over the

weekend.

However, China's industrial profits fell in March, official

data showed on Saturday, raising doubts about the strength of

the recovery in the world's second-biggest economy.

** The Shanghai Composite index closed up 0.79% at

3,113.04, while the blue-chip CSI 300 index rose

1.11%.

** Financial sector, consumer staples

, real estate and healthcare stocks

climbed between 0.02% and 2.56%.

** The smaller Shenzhen index ended up 2.31% and the

start-up board ChiNext Composite index was higher by

3.5%.

** Around the region, MSCI's Asia ex-Japan stock index

was firmer by 0.82%, while Japan's Nikkei index

closed up 0.81%.

** At 08:20, the yuan was quoted at 7.2466 per

U.S. dollar, 0% weaker than the previous close of 7.2465.

** The Hang Seng index was up 95.76 points or 0.54%

at 17,746.91. The Hang Seng China Enterprises index rose

0.21% to 6,282.86.

** The sub-index of the Hang Seng tracking energy shares

dipped 0.8%, while the IT sector dipped 0.7%,

the financial sector ended 2.56% higher and the property

sector rose 1.66%.

** The top gainer on the Hang Seng was Country Garden

Services Holdings ( CTRGF ), which gained 11%, while the biggest

loser was Sinopharm Group ( SHTDF ), which fell 6.26%.

(Reporting by Shanghai Newsroom; Editing by Janane Venkatraman

and Varun H K)

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