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(SCMP) Mainland Chinese markets closed at a three-week high on Thursday as both traders and volatility returned from a week-long holiday to play catch up with recent global rallies.
The benchmark Shanghai Composite Index jumped almost 4 per cent higher at one point before pulling back in late trading to finish 3 per cent up at 3,143.36 points, led by a strong showing among technology and brokerage stocks.
The market outperformed except for the banking sector, which only gained half a percentage point, a Shanghai-based director of Shenwan Hongyuan Securities, Gerry Alfonso, said.
“The economic data over the holiday was better than expected,” he said, making reference to an improved government index that tracks corporate spending, “though the market was mostly catching up with (global) macroeconomic news.”
Among the gainers, satellite builder China Spacesat soared 8.38 per cent to 38.80 yuan (HK$47.34) and CITIC Securities added 4.93 per cent to 14.25 yuan. Developer China Fortune Land rose 5.75 per cent to 23.16 yuan, while Harbin Air Conditioning slid 5.4 per cent lower to 10.52 yuan.
The Shenzhen Composite Index finished 4 per cent higher at 1,785.39, but total market turnover remained below recent averages.
In Hong Kong, there was profit taking at mainland insurers who had outperformed the market while the mainland was on holiday. Ping An Insurance, the most heavily traded stock on the Hong Kong bourse on Thursday, gave up 1.62 per cent to trade at HK$ 42.50.
China’s largest state-owned plane maker, AVIC International, shot up more than 4 per cent in early trading before closing 3.37 per cent higher at 92 HK cents, after three Shanghai-listed units under the AVIC umbrella suspended trading, citing an important corporate restructuring that was under way.
Power Assets, controlled by Hong Kong’s richest man Li Ka-shing, lifted 1.45 per cent to HK$73.70, after Cheung Kong Infrastructure raised its offer for the firm in Li’s bid to tie up his businesses.
Linus Yip, chief strategist with First Shanghai Securities, said investors would expect a rebound in Hong Kong stocks after quarter-long woes.
“People will price in their higher expectations on China’s economy with more aggressive policy easing poised to kick in, and the delayed Fed rate hike will also underpin gains,” Yip said.
The Hang Seng Index closed 0.71 per cent lower at 22,354.91 and the H-share index fell 1.03 per cent to 10,287.41.
It was a strong day for new Hong Kong listings. Shares in giant cinema screen operator IMAX China leapt 10.3 per cent from their listing price to HK$34.20, and underwear maker Regina Miracle snapped upwards 16 per cent to HK$5.60.
Two more directors at troubled safety monitoring equipment maker Anxin-China Holdings, now under the control of court-appointed liquidators, resigned late on Wednesday night amid allegations of financial mismanagement, bringing the number of recent departures to seven. The firm’s shares were suspended April at 38.5 HK cents.
