China Stocks Attempt to Rise Above Global Market Volatility

Li Chen
08 Aug, 2024
Hong Kong

Investor sentiment recovered after a week of tumultuous trading, and market indexes rebounded for the second session in a row. 

The Hang Seng index gained 0.7%, and the CSI 300 index advanced 0.4% in cautiously optimistic trading in Hong Kong and Shanghai. 

Technology, financial, real estate developers, and industrial companies were among the most actively traded companies.

Investors are looking forward to the release of official consumer and producer price inflation data on Friday. 

Consumer price inflation is expected to be positive, suggesting that demand may pick up after months of caution, but producer price inflation is expected to show a price deflation trend for the second year in a row. 

Global market sentiment was positive as investors in Japan, Europe, and the U.S. returned to add stock positions after worries about the U.S. economic slowdown eased and the sharp reversal in correction in the AI-fueled tech rally halted. 

 

China Stock Movers 

The Hang Seng index increased 0.7% to 16,998.45, and the CSI 300 index rose 0.4% to 3,355.96. 

Black Sesame International Holding dropped 25% to HK $21.10 after the chip designer for autonomous vehicles raised HK $1.04 billion, or $133 million, through the sale of 37 million shares in a Hong Kong listing. 

The company priced its offering at the bottom end of its filing range at HK $28 per share. 

Xiaomo, Tencent Holdings, and SAIC Motor Corp. are among the company's leading stockholders. 

Alibaba Group Holding increased 1.9% to HK $77.90, Tencent Holdings advanced 2.7% to HK $373.0, Meituan was unchanged at HK $105.90, and Baidu added 0.6% to HK $81.75. 

China Merchants Bank increased 1.7% to HK $32.10, China Mingsheng Banking declined 0.4% to HK $2.69, and HSBC Holdings declined 0.22% to HK $63.10.