China, Hong Kong stocks climb on gains in consumer sector

* SSEC 0.7%, CSI300 1.0%, HSI 0.8% * HK->Shanghai Connect daily quota used 0%, Shanghai->HK daily quota used 5.8% * FTSE China A50 +0.9% SHANGHAI, Aug 16 (Reuters) – China and Hong Kong stocks extended their rally on Friday, bolstered by gains in consumer names, as Beijing seeks to further boost consumption and shore up falling growth amid the trade war. ** The CSI300 index rose 1% to 3,729.52 at the end of the morning session, while the Shanghai Composite Index gained 0.7% to 2,834.85. ** The Hang Seng index added 0.8% to 25,700.43, while the Hong Kong China Enterprises Index gained 0.7% to 9,974.41. ** China’s state planner said on Friday it will roll out a plan to boost disposable income this year and in 2020 to spur consumption as the economy slows. ** On the mainland, the CSI300 consumer staples index climbed 1.8% by the midday, while the Hang Seng consumer goods index spiked 2.9% in Hong Kong. ** The strong gains also followed a raft of solid earnings reports by leading firms, including Tsingtao Brewery and Foshan Haitian Flavouring. ** Financials also lent some support, as the country’s largest insurer Ping An Insurance (Group) Co of China added more than 2% following stellar profits in the first half. ** However, analysts expressed caution given various uncertainties at this moment. ** The A-share market could continue to be rangebound until any signs of strong positive signals, amid global recession fears and lingering Sino-U.S. trade tensions, Shanxi Securities […]

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