April 26, 2024 at 12:42 am EDT
HONG KONG, April 26 (Reuters) - Hong Kong and China stocks extended gains on Friday, with the Hang Seng Index set for its best week in 18 months, as sentiment recovered further after strategists from global investment houses upgraded their views on Chinese shares.
"A lot of investors do see some technical opportunities in China," said Tai Hui, APAC chief market strategist at J.P. Morgan Asset Management.
The recent resilience in China and Hong Kong stocks despite a correction in the U.S. markets, showcases the importance to include China into the portfolio for diversification, he added.
Meanwhile, BNP Paribas estimated that mainland Chinese investors had bought close to a net $20 billion of Hong Kong equities across March and up to April 23 the largest two-month purchase since 2021.
"We believe southbound investors could be using HK-listed equities to diversify their currency exposure in light of rising RMB depreciation pressure," BNP Paribas strategists said in a note. ** At the midday break, the Shanghai Composite index was up 0.79% at 3,076.92.
** China's blue-chip CSI300 index was up 1.03%, with its financial sector sub-index higher by 0.19%, the consumer staples sector up 0.94%, the real estate index up 3.79% and the healthcare sub-index up 1.6%.
** Chinese H-shares listed in Hong Kong rose 2.41% to 6,267.9, while the Hang Seng Index was up 1.98% at 17,626.75.
** The Hang Seng Index hit a five-month high and was on track for its biggest weekly gain since the week ended Nov. 4, 2022.
** The smaller Shenzhen index was up 1.33%, the start-up board ChiNext Composite index was higher by 2.54% and Shanghai's tech-focused STAR 50 index was up 2.1%.
** Around the region, MSCI 's Asia ex-Japan stock index was firmer by 0.84%, while Japan's Nikkei index was up 0.84%.
** The yuan was quoted at 7.2465 per U.S. dollar, 0.1% weaker than the previous close of 7.2396. (Reporting by Summer Zhen; Editing by Subhranshu Sahu)
Sumber : Reuters
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