China stocks extend gains on expectations of economic reopening

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Hong Kong and Chinese stocks extended gains on Monday, as investors held on to bets on an eventual economic reopening, despite Beijing’s reaffirmation of its tough Covid-19 policies over the weekend.

Markets also applauded President Xi Jinping’s commitment to economic growth and opening up at the Shanghai International Import Expo, where the Chinese securities regulator promised to attract more foreign capital.

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Hong Kong’s Hang Seng Index rose 2.69% after posting its best week in a decade.

The CSI 300 index, which brings together the largest companies listed in Shanghai and Shenzhen, closed with a gain of 0.22%, while the Shanghai index rose 0.23%.

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Chinese health officials said on Saturday that the country will maintain its “dynamic cleaning” approach to Covid-19 cases as they emerge, dashing expectations of a rapid reopening of the economy that fueled last week’s epic gains.

However, the same officials criticized some regions for their “one size fits all” lockdowns and promised to correct these shortcomings, giving investors more reason for optimism.

“Overall, we think China is on track to relax its grip, although it is still months away from an eventual turnaround,” Tommy Xie, head of Greater China research at OCBC Bank, said in a note.

  • In TOKYO, the Nikkei index rose 1.21% to 27,527 points.
  • In HONG KONG, the HANG SENG index rose 2.69% to 16,595 points.
  • In SHANGHAI, the SSEC index gained 0.23% to 3,077 points.
  • The CSI300 index, which brings together the largest companies listed in SHANGHAI and SHENZHEN, advanced 0.22% to 3,775 points.
  • In SEOUL, the KOSPI index appreciated by 0.99%, at 2,371 points.
  • In TAIWAN, the TAIEX index rose 1.51% to 13,223 points.
  • In SINGAPORE, the STRAITS TIMES index rose by 0.36% to 3,141 points.
  • On SYDNEY, the S&P/ASX 200 index advanced 0.60% to 6,933 points.

Source: CNN Brasil

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