China stocks track global peers higher ahead of Fed rate-hike decision
Tuesday, September 20, 2022       13:44 WIB

09/20/2022 12:51am EDT
SHANGHAI, Sept 20 (Reuters) - China stocks rebounded on Tuesday, snapping a four-session losing streak in line with gains in global markets, as investors priced in an expected hefty U.S. Federal Reserve interest rate hike this week to tackle searing inflation.
** The blue-chip CSI 300 Index added 0.3%, while the Shanghai Composite Index rose 0.5%.
** The Hang Seng Index gained 1.3%, and the Hang Seng China Enterprises Index advanced 1.4%.
** Other Asian shares edged up, following a rebound in the final hour of New York trading.
** China kept its benchmark lending rates unchanged at a monthly fixing as expected, as authorities appeared to hold off immediate monetary easing following rapid declines in the local currency and as central banks elsewhere tightened policy.
** Real estate developers lost 3.6%, while new energy shares and non-ferrous metal jumped more than 3% each.
** Tianqi Lithium Corp surged nearly 9%, Chengxin Lithium Group jumped 6.2%, and battery giant CATL added 2.1%.
** Still, the new energy sector is down roughly 15% from a recent peak one month ago, as expectations of aggressive overseas rate hikes weighed.
** Hong Kong leader John Lee said on Tuesday the government aims to make an announcement soon on its controversial COVID-19 hotel quarantine policy for all arrivals, as it wants to keep the city connected with the rest of the world and allow an "orderly opening up".
** China's government also issued draft rules aimed at making it easier for some foreigners to enter China for visits to tourism sites along the Chinese border.
** Tech giants listed in Hong Kong jumped 2.5%, with index heavyweights Alibaba and Meituan both up more than 3%.
** Casino operators soared more than 5%.
(Reporting by Shanghai Newsroom; Editing by Rashmi Aich)

Sumber : Reuters

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