RIYADH: China and Hong Kong stocks rose on Thursday, as investors’ focus shifted from tensions around Taiwan to a raft of newly launched infrastructure projects that Beijing hopes can help stabilize its COVID-19-hit economy.
China’s blue-chip CSI300 Index climbed 0.9 percent, while the Shanghai Composite Index gained 0.8 percent.
Hong Kong’s benchmark index Hang Seng added 2.1 percent, led by technology shares.
Foreigners cut China debt, dump equities in July: IIF
Foreign investors continued to cut holdings in Chinese bonds in July and dumped equities for the first time in four months, according to a report by the Institute of International Finance.
Emerging markets posted a fifth straight month of portfolio outflows, setting the longest such streak in records going back to 2005, as global recession risk, inflation and a strong dollar drew away cash, the report showed.
Chinese debt witnessed outflows of around $3 billion last month, while $6 billion exited other EM, IIF estimated.
If confirmed by official data, it would be the sixth consecutive month of foreign outflows from China’s $20 trillion bond market.
During the same period, China’s stock market witnessed $3.5 billion of foreign outflows, compared with marginal inflows of $2.5 billion in other EM markets, IIF added.
China to issue $741 million of treasury bonds in Hong Kong on August 10
China’s finance ministry will issue 5 billion yuan ($740.70 million) worth of treasury bonds in Hong Kong on Aug. 10, including 1 billion yuan of 10-year bonds, the Hong Kong Monetary Authority said on Thursday.
The remaining 4 billion yuan will be added to bonds already issued and which mature in 2024, the HKMA said.
(With input from Reuters)Â
