SHANGHAI, Sept 23 – China stocks ended largely unchanged on Tuesday, recovering from losses in the morning session as gains in banking shares helped lift sentiment and offset some profit-taking pressure in the tech sector. Hong Kong equities declined.
** China’s blue-chip CSI300 Index closed down 0.1% after falling as much as 1.4% during the session, while the Shanghai Composite Index ended 0.2% lower. Hong Kong’s benchmark Hang Seng Index was down 0.8%.
** Investor sentiment was dampened after a closely watched press conference by top financial regulators on Monday failed to offer any new policy support.
** Bank shares bucked the trend, rising 1.6% to lead gains in mainland trading.
** China equities are highly focused on macro policies, but policy measures have overall fallen short of expectations so far, according to UBS analysts.
** Existing initiatives such as efforts to resolve local government debt and boost consumption have had limited marginal impact, they said. “Consensus suggests future incremental policies may focus on real estate and service consumption, although both face implementation challenges.”
** Shares in onshore artificial intelligence firms fell as much as 3%, paring gains after a 64% rally year-to-date.
** Semiconductor stocks edged up only 0.3%, despite news of Nvidia’s planned $100 billion investment in OpenAI – a move that had boosted tech sentiment in other markets.
** Tech majors traded in Hong Kong fell 1.4%, following an overnight drop of counterparts in New York .
** Brokers listed in Hong Kong were down 3%, after Reuters reported China asked them to pause real-world asset business.
** Shares of Nanjing Port Co Ltd and Ningbo Marine Co Ltd jumped 10% each, after state media reported an east China port launched its first arctic shipping route to Europe.
This article was generated from an automated news agency feed without modifications to text.
