China and Hong Kong Indexes Advanced Second Consecutive Day, Yum China Earnings Beats Expectations

Li Chen
05 Nov, 2024
Hong Kong

China and Hong Kong stocks advanced following a private measure of the service sector showing rising activities. 

The Hang Seng index and the mainland-focused CSI 300 index increased 1.5% in the hopes that the world's second-largest economy will continue open markets to attract foreign investments. 

The Caixin China General Services PMI increased to 52.0 in October from 50.3 in the previous month and advanced at the fastest pace in three months following a series of supportive measures from the People's Bank of China and the finance ministry. 

The latest service data added to last week's positive signals from the manufacturing and construction sectors, indicating that the stimulus measures are helping the economy for now. 

Premier Li Qiang said China is ready to open local markets to foreign investors and urged local government officials to remove internal barriers to create a larger national market. 

Premier Qiang was speaking to a group of Chinese officials and business leaders at the start of the China International Import Expo in Shanghai on Tuesday. 

Despite the warm welcome offered to foreign investors, many long-time investors in China are leaving and setting up new operations in Vietnam, Mexico, India, and Malaysia. 

Investors are leaving China because of Beijing's arbitary enforcement of law, slowing economic growth, persistent stealing of intellectual property, and rising tensions with the West. 

 

China Stock Movers 

The Hang Seng index increased 1.5% to 20,855.24, and the mainland-focused CSI 300 index jumped 2.4% to 4,038.10. 

Yum China increased 5.5% to HK $380.20 after the operator of a chain of fast food stores reported higher-than-expected earnings. 

Property stocks rebounded for the second day in a row in the hopes that the Standing Committee of the People's National Congress is likely to provide strong measures to revive the property markets at the end of the meeting on Friday. 

China Vanke increased 2.6% to HK $7.47, China Resources Land gained 1.7% to HK $27.0, and Longfor Group Holdings advanced 1.9% to HK $13.36. 

Nongfu Spring soared 7.4% to HK $13.36, and SMIC advanced 4.2% to HK $26.95. China and Hong Kong stocks advanced following a private measure of the service sector showing rising activities. 

The Hang Seng index and the mainland-focused CSI 300 index increased 1.5% in the hopes that the world's second-largest economy will continue open markets to attract foreign investments. 

The Caixin China General Services PMI increased to 52.0 in October from 50.3 in the previous month and advanced at the fastest pace in three months following a series of supportive measures from the People's Bank of China and the finance ministry. 

The latest service data added to last week's positive signals from the manufacturing and construction sectors, indicating that the stimulus measures are helping the economy for now. 

Premier Li Qiang said China is ready to open local markets to foreign investors and urged local government officials to remove internal barriers to create a larger national market. 

Premier Qiang was speaking to a group of Chinese officials and business leaders at the start of the China International Import Expo in Shanghai on Tuesday. 

Despite the warm welcome offered to foreign investors, many long-time investors in China are leaving and setting up new operations in Vietnam, Mexico, India, and Malaysia. 

Investors are leaving China because of Beijing's arbitary enforcement of law, slowing economic growth, persistent stealing of intellectual property, and rising tensions with the West. 

 

China Stock Movers 

The Hang Seng index increased 1.5% to 20,855.24, and the mainland-focused CSI 300 index jumped 2.4% to 4,038.10. 

Yum China increased 5.5% to HK $380.20 after the operator of a chain of fast food stores reported higher-than-expected earnings. 

Property stocks rebounded for the second day in a row in the hopes that the Standing Committee of the People's National Congress is likely to provide strong measures to revive the property markets at the end of the meeting on Friday. 

China Vanke increased 2.6% to HK $7.47, China Resources Land gained 1.7% to HK $27.0, and Longfor Group Holdings advanced 1.9% to HK $13.36. 

Nongfu Spring soared 7.4% to HK $13.36, and SMIC advanced 4.2% to HK $26.95.