HONG KONG, March 6 (Reuters) - Hong Kong stocks rebounded on Wednesday from a decline in the previous session while China shares were largely flat as investors await policy support details from the National People's Congress (NPC) this week.
** Hong Kong's Hang Seng Index climbed 1.7%, and the Hang Seng China Enterprises Index jumped 2%.
** The blue-chip CSI 300 Index dipped 0.4%, and the Shanghai Composite Index edged down 0.3%, both snapping a four-day winning streak.
** Chinese Premier Li Qiang announced an ambitious 2024 economic growth target of around 5% on Tuesday in his maiden work report. However, investors and analysts remain cautious as the report lacks policy details that support the achievement of the target.
** "We think risk sentiment may remain volatile in the coming days as investors process the fiscal pledges and wait for industry-specific policies," UBS Global Wealth Management's chief investment office said in a note.
** Morgan Stanley economists pointed out that the fiscal package, which set the fiscal deficit target at 3% of GDP, remains insufficient to boost the economy amid mounting local government debt pressure.
** The economic rebalancing efforts remain relatively slow, they added.
** Meanwhile, investors are closely monitoring a press conference on Wednesday, which is being attended by top policymakers.
** "We will further strengthen the protection of investors... to attract more investment, especially long-term funds to participate in this market," Wu Qing, the newly-appointed chairman of the China Securities Regulatory Commission (CSRC),
told
reporters.
** At the same meeting, Pan Gongsheng, governor of the People's Bank of China (PBOC), added there was still room for cutting the bank's reserve ratio requirement.
** The Hang Seng Tech Index advanced 2.7% after a 4% tumble in the previous session.
** Index heavyweights Alibaba and Tencent jumped 3.1% and 2.4%, respectively.
** Among mainland A-shares, semiconductor stocks dropped 1.4% to lead the decline.
(Reporting by Summer Zhen; Editing by Sonia Cheema)