China stocks were flat on Friday, tracking cautious mood in regional markets amid concerns of aggressive U.S. tightening and domestic COVID-19 outbreaks, while strong performances among tech giants lifted Hong Kong shares. ** The blue-chip CSI 300 Index was flat by the end of the morning session, while the Shanghai Composite Index was listless at 0.1%.
** Hong Kong’s Hang Seng Index gained 0.6%, while the Hang Seng China Enterprises Index added 0.8%. ** Most Asian shares were trading in cautious mood, after U.S. Federal Reserve officials fired more warning shots on interest rates.
** China plans to speed up COVID-19 vaccinations, the head of China’s Center for Disease Control and Prevention said on Thursday. ** Authorities also highlighted the need to build more designated COVID hospitals and increase the number of beds in intensive care units.
** “The messages from today’s meeting add conviction to our view that the top leadership is preparing for an exit from three years of zero-COVID policy, but medical preparation remains a near-term bottleneck,” said Goldman Sachs analysts in a note. ** However, China’s daily coronavirus cases had surged to more than 20,000 in recent days, challenging plans to ease strict movement curbs that had throttled the economy.
** “Recent worsening of the COVID situation in many cities has led to tighter COVID restrictions and added downward pressure to near-term growth,” Goldman Sachs added. ** China’s video games regulator on Thursday granted publishing licences to 70 online games, including titles belonging to Tencent Holdings Ltd, NetEase Inc and other developers.
** Tech giants listed in Hong Kong rose 2.7%, with gaming company NetEase jumping nearly 6%. ** For the week, China’s CSI 300 Index added 0.9% so far, while the Hang Seng benchmark gained 4.7%.
** China’s COVID policy re-calibration and announcements of a suite of housing market stabilization measures boosted investor sentiment, said Morgan Stanley analysts, but “execution is key to support sustainable sentiment and fundamental earnings recovery”.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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