* SSEC 0.2%, CSI300 0.3%, HSI 0.1%
* HK->Shanghai Connect daily quota used 3%, Shanghai->HK daily quota used 4.4%
* FTSE China A50 -0.2%
SHANGHAI, April 26 (Reuters) - China stocks firmed on Monday, underpinned by gains in start-up companies as liquidity worries eased, while Beijing’s plans to spur domestic consumption also boosted sentiment.
** The CSI300 index rose 0.3% to 5,149.38 at the end of the morning session, while the Shanghai Composite Index gained 0.2% to 3,480.68.
** Leading the rally, the tech-heavy start-up board ChiNext rose 0.9%, having gained 16% from a recent trough hit on March 25.
** “Earnings growth for companies listed on the start-up board are better than their mainboard peers,” said Luo Kun, an investment manager at Chasing Securities’ equities investment arm.
** Luo said worries over policy tightening faded as China’s first quarter macro economic data was not as good as the market imagined, decreasing pressure on stocks with lofty valuations.
** The macro liquidity environment has marginally improved, as the resurgence of the coronavirus outbreak in overseas countries dampened U.S. treasury yields, while Biden’s tax hike plan weighed on the dollar, Huatai Securities analyst noted in report.
** The 10-year U.S. Treasury yields were not far from a recent six-week low on expectations that the U.S. Federal Reserve will stay accommodative at its meeting this week, while the U.S. dollar’s index slipped to 90.739 against a basket of major currencies, a level not seen since March 3.
** Also boosting sentiment, China said it would launch a series of promotional activities, including a new consumer goods expo in southern Hainan province, in May to boost spending as the Chinese retail sector recovers from COVID-19-induced consumer caution.
** The CSI300 consumer discretionary index added 0.7%.
** In Hong Kong, the Hang Seng index added 0.1%, to 29,102.10 points, The Hong Kong China Enterprises Index lost 0.2%, to 11,049.64. (Reporting by Luoyan Liu and Andrew Galbraith; Editing by Rashmi Aich)
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April 26, 2021 at 11:30AM
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China stocks rise on start-up gains, Beijing's consumption boost plans - Reuters
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