Chinese stocks closed mixed on Monday after two weeks of declines, supported by banking and energy stocks as dividends gained favor amid falling bond yields.
At the close, the Shanghai index lost 0.5%, while the CSI300 index, which brings together the major companies listed in Shanghai and Shenzhen, advanced by 0.15%. Hong Kong’s Hang Seng Index rose 0.82%.
The banking sector sub-index rose 1.7% and the energy sector jumped 0.7%, leading onshore gains.
The Industrial And Commercial Bank Of China jumped 2.6%, hitting a new high since 2018, while the Bank of China rose 1.9%.
“Market speculation on the measures has come to an end with the conclusion of all major meetings in December,” analysts at Citic Securities said in a note on Monday.
Banking stocks remain the preferred sector for renminbi asset allocators, with high dividends and low volatility, and there should be more allocation by insurance funds later in the year, they added. In TOKYO, the Nikkei index advanced by 1.19%, to 39,161 points.
. In HONG KONG the HANG SENG index rose by 0.82%, to 19,883 points.
. IN SHANGHAI the SSEC index lost 0.50%, to 3,351 points.
. The CSI300 index, which brings together the major companies listed in SHANGHAI and SHENZHEN, advanced by 0.15%, to 3,933 points.
. In SEOUL, the KOSPI index rose 1.57% to 2,442 points.
. In TAIWAN the TAIEX index recorded an increase of 2.64%, to 23,104 points.
. IN SINGAPORE the STRAITS TIMES index rose by 0.87%, to 3,752 points.
. In SYDNEY the S&P/ASX 200 index advanced by 1.67% to 8,201 points.
Source: Terra
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