China stocks edge higher; Hong Kong rebounds on bargain hunting

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China stocks edge higher; Hong Kong rebounds on bargain hunting

SHANGHAI, Dec 1 (Reuters) – China stocks edged up on Wednesday, as real estate and energy shares gained, while Hong Kong shares rebounded from a more than one-year low as bargain hunters bought the dips on tech and financials shares.

The CSI300 index rose 0.1% to 4,836.39 at the end of the morning session, while the Shanghai Composite Index gained 0.1% to 3,567.83.

The Hang Seng index added 1.4% to 23,804.87.The Hong Kong China Enterprises Index gained 1.5% to 8,496.44.

** Real estate firms gained 1.6%, and energy shares rose 2.9%.

** Coal miners surged 3.4%, tracking gains in coal futures, buoyed by supply concerns as coal imports from Mongolia were disrupted by the recent outbreak of the Omicron coronavirus variant.

** The new energy sub-index, the machinery sub-index and the defence sub-index lost about 1.5% each.

** A private survey showed China’s factory activity fell back into contraction in November as subdued demand, shrinking employment and elevated prices weighed on manufacturers.

** The survey which focuses more on small firms in coastal regions stood in contrast with those in an official survey on Tuesday.

** Hong Kong shares snapped a three-day losing streak and jumped the most in six weeks.

** The Hang Seng Tech Index rose 1.1%.Food delivery company Meituan rebounded from an almost eight-week low and surged 3.9%, and Tencent Holdings gained 2.2%.

** However, Alibaba Group extended losses and dropped 1.5%. The tech giant has lost more than 20% after it missed quarterly revenue expectations and forecasted a slow growth.

** Financials shares jumped 1.8%, after consecutive declines in previous three sessions.

** Hong Kong-listed gambling stocks tumbled for a third day after arrests happened in Macau over alleged links to cross-border gambling and money laundering.

** Worries over a crackdown in the world’s largest gambling hub grew as embattled gambling group Suncity Group Holdings has closed all of its VIP gaming rooms in Macau after its chairman was arrested.

(Reporting by Shanghai Newsroom; Editing by Rashmi Aich)

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