China shares rise as upbeat U.S. China relations, recovery hopes lift sentiment
By Georgina Lee
HONG KONG, Feb 9 (Reuters) -Shares in China and Hong Kong eked out small gains on Thursday after U.S. President Joe Biden said Washington's relations with Beijing have not worsened since America shot down a suspected Chinese spy balloon, while investors remained hopeful of China's economic recovery.
** China's blue-chip CSI 300 Index .CSI300 rose 0.75%, while the Shanghai Composite Index .SSEC climbed 0.62%.
** Hang Seng Index .HSI rose 0.34% and Hang Seng China Enterprises Index .HSCE added 0.31%.
** Asian shares tracked Wall Street lower on Thursday, as a number of Federal Reserve speakers echoed Chair Jerome Powell in saying that interest rates are set to go higher.
** The CSI Liquor index CSI399997 gained 2.71% after Bloomberg reported on Wednesday an IPO plan by Chinese white liquor maker Guizhou Guotai Liquor seeking to raise $500 million in Hong Kong.
** Other liquor makers Wuliangyi Yibin 000858.SZ up 3.23% in Shenzhen; Kweichow Maotai 600519.SS adds 1.77% in Shanghai, both hitting their highest levels this week.
** A recovery in consumption-led activity will take shape from the first quarter onwards, according to a UBP report. UBP has revised its GDP forecast for 2023 to 6% from 5.2% previously.
** "Recently A-share market sentiment has retreated marginally. Some investors are monitoring the strength and pace of the economic recovery this year and thus they choose profit-taking in the near term," said Lei Meng, UBS Securities' China equities strategist in note.
** Meanwhile, net inflow into the A share market via the northbound stock connect has been down since end January, while turnover dropped since Feb. 2.
** January northbound net inflow totalled 141.3 billion yuan, its biggest monthly flowon record.
** Offshore mutual funds which invest in A shares recently cut positions, UBS said.
** "We expect to see some more net inflows of long-term foreign capital into the A-share market as more evidence of economic recovery surface;" northbound net inflow could top 300 billion yuan this year," Meng said.
** Xiaomi 1810.HK led the gains in the Hang Seng Index .HSI, up 4.17%
** But capping the upside was Baidu 9888.HK, with a 5.34% drop in Hong Kong shares. The drop in index came after a 15% jump on Tuesday on news about their ChatGPT-like AI chatbot called Ernie Bot.
** China's state media The Securities Times ran a front-page editorial Tuesday warning of the risks in speculating on stocks riding on the recent ChatGPT hype.
Reporting by Georgina Lee Hong Kong Newsroom; Editing by Dhanya Ann Thoppil
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