China blue chips, Hong Kong stocks rise on Macau optimism
Monday, September 26, 2022       13:42 WIB

09/26/2022 01:09am EDT
SHANGHAI (Reuters) - Chinese blue chips and Hong Kong shares rose on Monday after a three-session slide, with tourism and casino stocks leading the gains as Macau said China would resume an e-visa scheme for mainland travellers and permit group tours.
Investor sentiment was also boosted by a move from the Chinese central bank to support the slumping currency.
** The blue-chip CSI 300 Index rose 0.5% by the end of the morning session, while the Shanghai Composite Index slipped 0.1%.
** The Hang Seng Index edged up 0.2% and the Hang Seng China Enterprises Index added 1.1%.
** China's central bank announced steps to slow the pace of the yuan's recent depreciation by making it more expensive to bet against the currency.
** Foreign investors bought more than 4.2 billion yuan ($590 million) of Chinese stocks through the stock connect scheme so far on Monday, following four straight sessions of net selling.
** Tourism-related stocks jumped 4% to lead the gains, while new energy and food & beverage shares rose more than 2% each.
** An index representing Macau casino operators soared nearly 12% after the city's leader said China would resume an e-visa scheme for mainland travellers and permit group tours, which could likely boost the footfall in the world's biggest gambling hub.
** Sands China Ltd jumped 18.5% and SJM Holdings Ltd surged 13.4%.
** Meanwhile, Hong Kong scraped its controversial COVID-19 hotel quarantine policy for all arrivals, in a long-awaited move for many residents and businesses in the financial hub.
** "Risk appetite will remain low and investor sentiment is hard to be boosted in the near term," Huaan Securities said in a note. "It all depends on when the U.S. stock market will stop falling and stabilise."
** Hong Kong shares of HSBC Holdings, an index heavyweight, tumbled 8%, weighing on the Hang Seng benchmark . (Reporting by Shanghai Newsroom; Editing by Subhranshu Sahu)

Sumber : Reuters

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