February 25, 2021 - 11:39 AM
By Reuters Staff
SHANGHAI, (Reuters) - Mainland China and Hong Kong shares rose on Thursday, as a strong show by property firms helped the markets recover from a sharp drop in the previous session, while investors digested news about Hong Kong raising stamp duty on stock trading.
The stamp duty paid on listed stock trades by both buyers and sellers will be increased to 0.13% from the current 0.1% on Aug. 1.
The hike could create some short-term negative impact on stock trading, Yang Lingxiu, chief strategist at Citic Securities, said. But, he added, economic recovery and listings of new-economy companies and some U.S.-listed Chinese firms' secondary listing would continue to attract fund inflows into Hong Kong.
At the midday break, the Shanghai Composite index was up 1.07% at 3,602.28, while China's blue-chip CSI300 index was up 1.43% to 5,512.23.
Chinese H-shares listed in Hong Kong rose 2.63% to 11,812.05, while the Hang Seng Index gained 2.15% to 30,356.40.
The smaller Shenzhen index added 0.4%, the start-up board ChiNext Composite index was up 0.56% and Shanghai's tech-focused 50 index was down 0.37%.
Property shares were among the top gainers after some research notes by local brokerages said the valuation of the real estate sector was at a historically low level. A gauge that tracks the sector jumped 9.22%.
Aiding sentiment, Wall Street gained overnight after U.S. Federal Reserve Chair Jerome Powell reaffirmed interest rates would stay low for a long time.
Around the region, MSCI 's Asia ex-Japan stock index was weaker by 1.71%, while Japan's Nikkei index was up 1.62%.
So far this year, the Shanghai stock index is up 3.7% and the CSI300 has risen 5.8%, while China's H-share index listed in Hong Kong is up 10%. Shanghai stocks have risen 3.42% this month.
Reporting by Winni Zhou and Andrew Galbraith; editing by Uttaresh.V
Sumber : Reuters
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