China Indexes Deepen Weekly and Monthly Losses and Trim 2024 Gains

Li Chen
28 Jun, 2024
Hong Kong

Stocks in Shanghai and Hong Kong advanced in Friday's trading, but benchmark indexes are set to close down for the month. 

The CSI 300 index and the Hang Seng index gained a fraction in lackluster trading as investors remained on the defensive ahead of the Communist Party's third plenum next week. 

The Hang Seng index is set to close down 1% in June, the index's first monthly loss after January. 

Travel sector-related stocks got a boost after China's commerce ministry lifted its upper limit of duty-free goods to 12,000 yuan from 5,000 yuan in the hope of boosting consumer spending in the city. 

Stocks in Hong Kong have been on the defensive for several months after China's policy response to revive the property market underwhelmed investors, and the recent lackluster economic data contributed to market jitters. 

China's profit growth for industrial companies decelerated in May, but foreign investors continue to shrink amid rising geopolitical tensions and falling home prices. 

 

China Stock Movers 

The CSI 300 index increased 0.2% to 3,461.66, and the Hang Seng index added 0.02% to 17,721.23. 

In stock trading, the new listings were in focus, and two of the three new listings soared on the first day of their trading. 

Dida, the ride-hailing service provider, dropped nearly 10% from its initial public offering price of HK$6.0 per share and raised $30 million. 

Laopu Gold soared more than 60% to HK$65 after the jewelry retailer priced its offering at HK$66.10 per share. 

Tianju Dihe Technology jumped 33% to HK $110.45 after the application interface software developer priced its offering at HK$83.03 per share and raised HK $401.5 million.