Mainland stocks edge higher, HK shares end down
Hong Kong's stock market ended lower on Wednesday, with the Hang Seng Index down 0.98 percent to close at 24,315 points. The Hang Seng China Enterprises Index dropped 1.14 percent to 8,171, and the Hang Seng Tech Index slid 1.41 percent. On the mainland, the Shanghai Composite Index reversed earlier losses and closed up 0.5 percent while the blue-chip CSI300 index added 0.4 percent. The Shenzhen Component Index closed 1.32 percent higher. Tech shares led the gains. The start-up board ChiNext Composite index rose 3.1 percent and Shanghai's tech-focused STAR50 index climbed 2.8 percent. Around the region, equity markets were stuck in a narrow range with traders caught between rate hike expectations and oil-market tensions. A hotter-than-expected consumer inflation reading in the US and hawkish policymakers drove up bets of a quicker pace of rate hikes. "The resulting rise in global bond yields and strengthening dollar put pressure on A-share valuations," analysts at Nanhua Futures said in a note. "This round of recent market recovery has been driven mainly by domestic measures to support markets and a temporary easing of overseas uncertainties. "However, both the strength and durability of these factors appear limited. While market sentiment has improved somewhat, investors remain broadly cautious, and stock indexes are...
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