China stocks inch higher on IT gains; Hong Kong slips
Tuesday, October 26, 2021       13:29 WIB

OCTOBER 26, 2021 - 11:57 AM UPDATED
By Reuters Staff
SHANGHAI, (Reuters) - China stocks edged up on Tuesday, led by information technology stocks, while sustained worries over a planned pilot real estate tax scheme weighed on sentiment.
The CSI300 index rose 0.1% to 4,985.23 at the end of the morning session, while the Shanghai Composite Index gained 0.1% to 3,612.88.
The Hang Seng index dropped 0.4% to 26,028.94. The Hong Kong China Enterprises Index lost 0.8% to 9,251.00.
Property firms extended losses, down 2.6%, fuelled by concerns over a planned pilot real estate tax scheme.
The property tax, likely to be tested initially in first- and second-tier cities, "will hurt homebuyer sentiment and discourage investment demand, and thus, deepen the physical property market downturn," brokerage CLSA wrote in a note.
The information technology sub-index, the construction engineering sub-index and the new energy vehicles sub-index added more than 1% each.
Separately, China's Vice Premier Liu He spoke with U.S. Treasury Secretary Janet Yellen on Oct. 26 via video call and talked about the macroeconomic situation and bilateral relations, according to China's commerce ministry.
In the Hong Kong market, tech and properties stocks dragged the Hang Seng benchmark.
The Hang Seng Tech Index lost 1.5%.
Alibaba Health Information Technology slumped 9.3%, the biggest decliner on the Heng Seng Index.
Alibaba Health said it expected to record a net loss of not more than RMB320 mln ($2.04 bln) for six months ended in September, due to increase in deployment of group's resources.
The Hang Seng Mainland Properties Index plunged 4.7%. Mainland property firms Country Garden, Longfor Group, Sunac China lost between 3.7% and 9%. (Reporting by Shanghai Newsroom; Editing by Rashmi Aich)

Sumber : Reuters

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