SHANGHAI, June 27 (Reuters) - China stocks rose for a third
consecutive session on Monday, with tourism and consumer sectors
leading gains, as Shanghai's top party boss declared victory
over COVID-19 after the city reported zero new local cases for
the first time in two months.
Hong Kong equities surged the most in three weeks, with tech
giants climbing to their highest level since March 1, ahead of
Chinese President Xi Jinping's visit.
** The blue-chip CSI300 index rose 1.1%, to
4,444.26, while the Shanghai Composite Index gained 0.9%
to 3,379.19 points.
** The Hang Seng index rose 2.4% to 22,229.52, while
the China Enterprises Index gained 2.5% to 7,816.94
points.
** Shanghai Communist Party chief Li Qiang said at the
opening of the city's party congress that authorities had "won
the war to defend Shanghai" against COVID by implementing the
instructions of Chinese President Xi Jinping.
** Beijing said it would allow primary and secondary schools
to resume in-person classes, while Shanghai will gradually
resume dining-in at restaurants from June 29 in some areas.
** Also boosting sentiment, China's central bank said it
made the biggest daily cash injection into the banking system
via open market operations in nearly three months.
** Stocks gained in Asia amid improved risk sentiment after
Wall Street rebounded strongly at the end of last week as oil
prices eased.
** Profits at China's industrial firms contracted for a
second month in May, but at a slower pace than in April, due to
the resumption of activity in major manufacturing hubs as
COVID-19 curbs were eased.
** Tourism companies jumped 3.8% and consumer
staples rose nearly 3%, while shares in energy
and non-ferrous metal added roughly 3.3% each.
** China's securities regulator proposed rules to regulate
private pension investment via mutual funds, setting the
criteria for qualified products and sales agents under a scheme
that will channel fresh savings into its capital markets.
** President Xi will visit Hong Kong for the 25th
anniversary of the city's handover to mainland China, marking
his first known visit outside the mainland since January 2020
after the COVID-19 outbreak, state news agency Xinhua reported.
** There was a boost in Hong Kong market sentiment on talks
of a package of favourable policies for the anniversary,
covering stock connect scheme, overseas-listed Chinese shares
and cross-border trips between Hong Kong and the mainland.
** China's market regulator published draft rules and
provisions aimed at improving its ability to govern antitrust
behaviour, as the country prepares to implement a revised
anti-monopoly law in August.
** The Hang Seng Tech Index soared 4.7%, with
index heavyweights Alibaba and Meituan both
up more than 3%.
** However, Tencent fell 1.6% as Dutch technology
investor Prosus NV, announced it will
gradually sell down its massive stake in the Chinese social
media giant.
(Reporting by Shanghai Newsroom; Editing by Krishna Chandra
Eluri)