Hong Kong stocks open higher on Friday, with the benchmark Hang Seng Index up 1.5%, the Hang Seng China Enterprises Index up 1.4% and the Hang Seng Tech Index up 1.85%.
China’s cyberspace regulator said that rules requiring data exports to undergo security reviews would be effective from Sept. 1, the first time it has given a start date for the new regulatory framework.
A property developer in China’s tech hub of Shenzhen has launched a trade-in promotion, allowing home buyers to trade their old home in exchange for a new one, the National Business Daily reported on Thursday.
China’s economy is recovering but the foundation is not solid and more efforts are still needed, Premier Li Keqiang said at a meeting with senior officials from Shanghai, Guangdong, Fujian, Jiangsu and Zhejiang on Thursday, according to state broadcaster CCTV.
Chinese stocks have been outperforming global markets since June and constituent stocks of the MSCI China Index could have 10% upside this year, UBS said in a note.
Soho China, one of the biggest office building developer in China, said its chief financial officer is being investigated for suspected insider trading while other officers are helping with the probe.
Hong Kong government said that it has decided to pause the “flight suspension mechanism” for specific routes following preliminary reviews, taking effect on Thursday until further notice.
Stocks of Chinese electric power companies are surging on expectation of strong power demand in the summer season and after authorities took measures to stabilize coal prices.
The sell-off in crude oil related commodities continue in China. The most-traded crude oil futures contract on the Shanghai International Energy Exchange, for August delivery, is sliding more than 6.5% to hit 633 yuan per barrel on Thursday morning.
China will support new energy vehicle consumption and study extending purchase tax exemption for new energy vehicles, according to a notice on boosting auto sales jointly issued by 17 government departments including the Ministry of Commerce on Thursday.
Hong Kong stocks open lower, with the benchmark Hang Seng Index down 1.08%, the Hang Seng China Enterprises Index down 1.56% and the Hang Seng Tech Index down 1.68%.
