China stocks rise as inflation rebounds; tech shares lead HK higher
Updates to market closing levels
SHANGHAI, March 11 (Reuters) -China stocks gained on Monday after an upswing in consumer prices raised hopes of an economic recovery, while tech stocks led the Hong Kong market higher.
** China's blue-chip CSI300 Index .CSI300 ended up 1.3% while the Shanghai Composite Index .SSEC edged 0.7%higher.
** In Hong Kong, the Hang Seng Index .HSI gained 1.4%,with an index tracking tech stocks <.HSTECH>rising 2.9%.
** China's consumer prices rose for the first time in six months due to spending linked to the Lunar New Year, offering some reprieve for the world's second-biggest economy grappling with weak consumer sentiment.
** "Trade, tourism, and mobility data around Spring Festival, both during and after, hold promise," DBS said in a note, cautioning though that "China has a long road to recovery ahead."
** Nomura said that the CPI inflation appears to have turned "more positive than what implied by holiday effects".
** During China's parliamentary meeting, the government vowed to keep money supply and credit growth in step with the real GDP and inflation targets, signalling increased efforts to boost confidence.
** Property shares .CSI000952 rose 3.3% afternews that Chinese regulators asked large banks to enhance financing support to developer China Vanke 000002.SZ, 2202.HK and asked private debt holders to discuss maturity extension. Vanke shares <000002.SZ> gained 3%.
** The CSI New Energy Index .CSI399808 jumped 5.7%,while an index tracking China's green vehicles .CSI399976 soared 6.8%.
** China's lithium industry would benefit from a stabilisation of prices of the battery metal, which is set for a long-term uptrend, said the chairman of Ganfeng Lithium, a major Chinese supplier.
** But China's coal stocks .CSI000820 fell 3.2%. China's coal imports are expected to be little changed or decline in 2024, officials from industries, state-run utilities and traders said on Friday.
Reporting by Shanghai Newsroom; Editing by Mrigank Dhaniwala and Rashmi Aich
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