CHINESE stocks moved in a narrow range on Wednesday (Dec 21), while Hong Kong shares tracked small gains by Asian peers ahead of the festive season, as further relaxations of Covid-19 curbs by China marginally improved investor confidence.
China’s blue-chip CSI 300 Index was flat, while the Shanghai Composite Index dipped 0.17 per cent.
Hong Kong’s Hang Seng Index and the Hang Seng China Enterprises Index rose 0.34 per cent and 0.43 per cent, respectively.
Asian stocks, trying to get into a festive mood, managed small gains. Even Japan’s Nikkei lifted off the two-month low it hit after the Bank of Japan’s (BOJ) surprise decision to loosen its tight leash on government bond yields.
Meanwhile, China’s healthcare system was put to the test as Covid cases spiked. Dozens of hearses queued outside a Beijing crematorium on Wednesday, even as the country reported no new Covid-19 deaths.
In Huashan Hospital, one of Shanghai’s largest, the number of patients in its fever clinics increased fivefold, Xinhua reported.
“Despite possible heightened disruptions to the economy from the impact of Covid-19 in the near term, we believe that economic growth will likely recover quarter by quarter and surpass 5 per cent in full year 2023, and risk assets will likely post good performance,” CICC analysts said in a note.
The United States on Tuesday indicated it stood ready to assist China with its surging Covid-19 outbreak, warning that an uncontrolled spread there might have implications for the global economy.
Tam Yiu-chung, Hong Kong’s delegate to the National People’s Congress Standing Committee, said on Wednesday that he thinks the SAR and the mainland will soon resume quarantine-free travel,local media reported.
Tourism advanced 2.1 per cent, consumer staples and food & beverages were up 1.2 per cent, respectively, while photovoltaic sector dropped 2.3 per cent and semiconductors declined 1.4 per cent.
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