China stocks rise on policy cues from parliament meeting, hang seng climbs

China stocks climbed in early trading on Monday, extending strong gains over the past four sessions, as investors reacted positively to statements from top Chinese leaders at the annual parliament session over the weekend.

Hong Kong shares also had a positive start to the week, aided by an upbeat mood in the region, following Friday gains in U.S. and European markets, and continued rebound in oil and commodity prices.

The CSI300 index rose 0.6 percent to 3,113.50 points at 2:05 GMT, while the Shanghai Composite Index gained 0.7 percent to 2,895.25 points.

The Hang Seng index in Hong Kong was up 0.3 percent, to 20,239.77 points.

China’s top economic planner said on Sunday that the country’s economy was not headed for a hard landing and was not dragging on the global economy, but uncertainty and instability in the global economy did pose a risk to growth.

Beijing has set a growth target of 6.5 percent to 7 percent for this year, and aims to run a fiscal deficit equivalent to 3 percent of GDP, up from the previous year’s target of 2.3 percent.

China’s start-up board ChiNext jumped over 3 percent in early trading, recovering much of Friday’s sharp losses, after Beijing laid out its vision over the weekend to become a tech power over the next five years.

Source: reuters


Hong Kong Stocks Extend Gains on U.S. Cues

PT BEST PROFIT FUTURES – Tracking overnight gains in the U.S., Hong Kong stocks rose further at the start of trading on Friday, with the Hang Seng Index up 1.3%. Over on the Chinese mainland, the Shanghai Composite Index slipped 0.2%. Banks posted broad-based gains, with index heavyweight HSBC Holdigns plc rising 1%. Among mainland Chinese banks, China Merchants Bank Co., Ltd. climbed 2.1%, Agricultural Bank of China Ltd. moved up 1.6%, and China Citic Bank Corporation Ltd. headed higher 1.2%. Tech stocks advanced, with online major Tencent Holdings Ltd. surging 4%. Online game developer Baioo Family Interactive Ltd. jumped 3.2%, software developer Kingsoft Corp. Ltd. gained 2.8%, and rival Kingdee International Software Group Co. Ltd. traded 0.9% higher. Energy names were mixed, as PetroChina Co. Ltd. declined 2.3%, Cnooc Ltd. dropped 0.4%, while China Petroleum & Chemical Corporation  edged up 0.2%. Over on the Chinese mainland, the Shanghai Composite Index slipped 0.2%. PT BESTPROFIT FUTURES 

Source : MarketWatch