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China stocks rebound as consumer, tourism shares rise

09/27/2022 | 12:51am EST

SHANGHAI, Sept 27 (Reuters) - China shares edged higher on Tuesday after a four-session losing streak, as consumer and tourism stocks rebounded ahead of a week-long National Day holiday and amid the easing of COVID-19 restrictions in Hong Kong and Macau.

Hong Kong's main stock benchmark, meanwhile, hovered around an 11-year low, amid aggressive overseas monetary policy tightening and recession worries.

** The blue-chip CSI 300 Index had edged up 0.2% by the end of the morning session, while the Shanghai Composite Index was up 0.3%.

** The Hang Seng Index dropped 1.1% and the Hang Seng China Enterprise Index lost 1.3%.

** Shares of healthcare companies and tourism-related firms added 1.8% and 1.9%, respectively, while liquor makers rose 1.5%.

** Energy suppliers lost 1.4% and non-ferrous metal companies tumbled nearly 2%, weighed down by fears that a global recession would dampen demand.

** China's central bank stepped up cash injection towards the quarter-end by making the biggest daily offering in seven months on Tuesday, to "maintain liquidity level stable".

** China will start its National Day golden week from Oct. 1, a traditional peak season for tourism and consumption, but its health authority is encouraging people to stay put during the holidays to reduce the spread of COVID.

** Profits at China's industrial firms shrank at a faster pace in January-August, as strict COVID restrictions and a deepening property slump weighed on demand.

** China's securities regulators recently told some fund managers and brokers to avoid massive equity sales ahead of next month's Communist Party Congress, in an effort to avoid big market fluctuations, two sources said.

** Tech giants listed in Hong Kong lost 1.7%, with Alibaba Group and Tencent Holdings shedding more than 2.5% each.

** Shares in Macau casino operators jumped for a second straight session, with Melco International rising 7.3%, as the gambling hub aims to open to mainland Chinese tour groups in November for the first time in almost three years.

** Meanwhile, Hong Kong scraped its COVID-19 hotel quarantine policy for all arrivals. (Reporting by Shanghai Newsroom; Editing by Subhranshu Sahu)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
MELCO HOLDINGS INC. -3.55% 3120 Delayed Quote.-20.76%
MELCO INTERNATIONAL DEVELOPMENT LIMITED 9.94% 5.97 Delayed Quote.-47.21%
TENCENT HOLDINGS LIMITED 3.93% 280.6 Delayed Quote.-40.24%
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