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Financials

China stocks rise on recovery hopes, STAR Market jumps

SHANGHAI, Sept 29 (Reuters) - Chinese stocks closed higher on Tuesday with tech shares leading the gains, buoyed by hopes of a sustained domestic economic recovery.

** The blue-chip CSI300 index rose 0.2% to 4,591.80, while the Shanghai Composite Index gained 0.21% to 3,224.36 points.

** China’s factory activity likely expanded at a slightly faster pace in September, a Reuters poll showed, adding to evidence of a steady recovery from the COVID-19 pandemic.

** Official data released on Sunday showed that profits at China’s industrial firms grew for a fourth straight month in August.

** Underscoring China’s early recovery, the World Bank projected growth in China to be at 2% this year, while the rest of the East Asia and Pacific region will see a 3.5% contraction. ** A likely sharp rebound in domestic travel during the upcoming Golden Week holiday, with some flights selling out and travel platforms reporting a surge in hotel bookings, also boosted sentiment. ** Tech shares led market gains in China, with Shanghai’s Nasdaq-style STAR Market jumping nearly 4%. Chinese investors are pouring into newly-launched mutual funds targeting Ant Group’s upcoming initial public offering, underscoring a strong demand for technology shares. (Reporting by Shanghai Newsroom)

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