April 30, 2024 at 12:47 am EDT
SHANGHAI, April 30 (Reuters) - Mainland China stocks edged lower on Tuesday, as investors were largely on the sidelines ahead of the long Labor Day holiday and the Federal Reserve's monetary policy meeting this week, while Hong Kong shares inched higher.
** Hong Kong stock market will be closed on May 1 for Labor Day holiday, while mainland financial markets will be closed for extended holidays from Wednesday, with trading set to resume next Monday.
** Investors will quickly shift their attention to the upcoming Fed policy meeting and China's month-end Politburo meeting.
** Markets were unruffled by China's April official factory survey, which showed manufacturing activity expanded at a slower pace.
** "Heading into the middle of the year, the recent PMIs are in much better territory when compared to a year ago, and I think this is due to fiscal and monetary stimulus working their way into the economy," said David Chao, global market strategist for Asia Pacific (ex-Japan) at Invesco said.
"Some key propellers of the economic recovery remain fragile ... suggesting an uneven recovery in household consumption which could benefit from further policy support."
** Chao added that markets will pay close attention to the upcoming Golden Week holiday spending data to gauge the health of the economy.
** At the midday break, the Shanghai Composite index was down 0.12% at 3,109.26 points.
** China's blue-chip CSI300 index was down 0.2%, with its financial sector sub-index lower by 0.47%, the consumer staples sector up 0.84%, the real estate index down 3.29% and the healthcare sub-index up 0.05%.
** Chinese H-shares listed in Hong Kong rose 0.12% to 6,290.62, while the Hang Seng Index was up 0.2% at 17,782.30.
** The benchmark Hang Seng Index is on course for its biggest monthly gain since January 2023, while both Shanghai Composite index and blue-chip CSI 300 index are set for their third monthly rises.
** The smaller Shenzhen index was down 0.65%, the start-up board ChiNext Composite index was weaker by 1.25% and Shanghai's tech-focused 50 index was down 1.1%.
** Around the region, MSCI 's Asia ex-Japan stock index was firmer by 0.28% while Japan's Nikkei index was up 1.14%.
** The yuan was quoted at 7.243 per U.S. dollar, 0.25% weaker than the previous close of 7.225.
** The largest percentage gainers in the main Shanghai Composite index were Cabio Biotech Wuhan Co Ltd, up 13.71%, followed by Hua Yuan Property Co Ltd, which rose 10.4%, and Zhejiang Langdi Group Co Ltd, up by 10%.
** The largest percentage losers in the Shanghai index were Guandian Defense Technology Co Ltd, down 14.526%, followed by Wuhan LinControl Automotive Electronics Co Ltd , losing 11.353%, and Shanghai Yizhong Pharmaceutical Co Ltd, down by 11.262%. (Reporting by Shanghai Newsroom; Editing by Mrigank Dhaniwala)
Sumber : Reuters
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