China stocks edge up on policy support pledge
CSI300 was roughly flat and Shanghai Composite rose 0.1% as the State Council vowed more counter-cyclical support and property measures.
SHANGHAI, Sept 29 (Reuters) — China stocks edged up on Tuesday, after the country's cabinet pledged to step up counter-cyclical policy support to address rising economic strains, though trading remained thin ahead of an upcoming holiday. Hong Kong shares fell. 1%. 6%.
* China's real estate developers led gains onshore, with Vanke shares up nearly 8%, after the State Council meeting vowed to roll out measures to stabilise the property market. * "We expect policymakers to further broaden the use of housing provident funds to slightly reduce weighted-average mortgage rates, and more large cities to introduce local housing easing measures," analysts at Goldman Sachs said in a note. 6%. * Rising US Treasury yields, coupled with insufficient liquidity ahead of the week-long holiday, weighed on the market sentiment, analysts at Northeast Securities said in a note.
* "However, after the sharp declines, with negative sentiment quickly running its course, quality assets have become more attractively valued again," the analysts said. * China's week-long National Day holiday will start on Thursday, with onshore trading resuming on October 8. 3%. 4%.
* Shares of fast-fashion platform Shein Global Holdings fell to their lowest level since the firm's debut on September 1. com)