SHANGHAI, June 28 (Reuters) - Hong Kong stocks jumped and
China shares hit a near four-month high on Tuesday, after the
quarantine time for inbound travellers was cut by half in a
major easing of one of the world's strictest COVID-19 curbs.
The blue-chip CSI300 index rose 1.0% to 4,490.52,
while the Shanghai Composite index gained 0.9% to
3,409.21 points. Both indexes closed at their highest levels
since March 4.
The Hang Seng index rose 0.9% to 22,418.97, while the
China Enterprises index was up 1% at 7,893.76 points.
** Quarantine at centralised facilities in China has been
cut to seven days from 14, and subsequent at-home health
monitoring has been reduced to three days from seven, the
National Health Commission said.
** Meanwhile, the Walt Disney Co's Shanghai Disney
resort said it would reopen the Disneyland theme park on June
** Also boosting sentiment, a state planner official said
China will roll out tools in its policy reserve in a timely way
to cope with economic challenges, as COVID-19 outbreaks and
risks from the Ukraine crisis pose a threat to employment and
** Tourism-related companies jumped 5.5%, while
gambling shares soared 10% to lead the gains.
** Shanghai International Airport Co added 8.5%
in Shanghai, while Trip.com surged 16.5% and Wynn
Macau jumped 12.8% in Hong Kong.
** U.S. President Joe Biden and Chinese President Xi Jinping
are expected to speak in the next few weeks, U.S. national
security adviser Jake Sullivan said, citing growing convergence
among NATO and G7 members about the challenge China poses.
** "In the short term, the domestic economy is still in an
upward macro environment, where it is recovering from COVID-19
and liquidity remains loose," said Lang Pincheng, general
manager of research department at Fortune & Royal Asset.
** "As we can tell from PMI, investment and consumption data
in May, the economic rebound might not be able to support a
'V-shape' reversal in most industries."
** June economic indicators, including official factory
activity data due later this week, will be closely watched by
investors, analysts say.
** Tech giants listed in Hong Kong edged up 0.6%,
while Tencent slumped 3.3% on Dutch technology
investor Prosus NV's, plan to trim its stake
in the social media giant.
** "Many institutional investors underestimated the impact
on Hong Kong from the U.S. capital markets, there is still large
uncertainty in the pace and extent of U.S. rate hikes," said Li
Yixuan, an analyst from Guotai Junan Securities, suggesting
profit-taking in the recent days.
(Reporting by Shanghai Newsroom; Editing by Amy Caren Daniel)