Karuda Express

SHANGHAI, June 27 (Reuters) – China and Hong Kong stocks rose on Tuesday, led by property shares as sentiment was lifted on fresh hopes for stimulus, while investors watched Sino-U.S.tensions for any signs of easing.

** China’s blue-chip CSI300 Index closed up 0.9%, while the Shanghai Composite Index gained 1.2%. Hong Kong benchmark Hang Seng Index was up 1.9%.

** China’s economic growth in the second quarter will be higher than the first and is expected to reach the annual growth target of around 5%, Chinese Premier Li Qiang told delegates at the World Economic Forum in Tianjin on Tuesday.

** Li also said “We will launch more practical and effective measures in expanding the potential of domestic demand, activating market vitality, promoting coordinated development…”

** The rise of China stocks on Tuesday is possibly in part due to an article saying that former Chinese vice-premier Liu He is being regularly consulted on important financial and economic affairs, UBS analysts wrote in a note.

** Liu is pro-property and hence some stimulus hopes emerge again, Data HK the analysts said.

** “The (Hong Kong) market has been oversold below 19,000 and there’s also some chance for the market to get some window dressing before half-year end,” said Steven Leung, executive director of institutional sales at broker UOB Kay Hian in Hong Kong.

** Property developer New World Development’s NWS Holdings hit a two-year peak on a buyout offer at premium.

** Mainland property shares listed in Hong Kong jumped more than 6.0%, while properties and construction stocks were up 3.4%.

** U.S.Treasury Secretary Janet Yellen plans to visit China in early July for the first high-level economic talks with her new Chinese counterpart, a Bloomberg reporter said in a tweet on Monday.

** Meanwhile, tech stocks traded in Hong Kong soared 2.6%.(Reporting by Shanghai Newsroom; Editing by Nivedita Bhattacharjee and Varun H K)

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