* SSEC +0.1 pct, CSI300 +0.3 pct, HSI +0.2 pct
* Port operators jump after Baltic index hit 2-year-high
* Tencent rise to record intraday high after Tesla
SHANGHAI, March 29 China and Hong Kong stocks
rose on Wednesday as further signs of a pick-up in global trade
boosted shares of port operators and shipping companies,
offseting concerns about fresh property market cooling measures.
China's blue-chip CSI300 index rose 0.3 percent to
3,479.14 points by the lunch break, while the Shanghai Composite
Index gained 0.1 percent to 3,257.66.
Port operators Rizhao Port and Nanjing Port
surged 9 and 10 percent, respectively, after the
Baltic Exchange's main sea freight index - a closely
watched barometer of global trade - climbed to the highest in
over two years.
"The Baltic index, as well as recent U.S. economic data, all
point to improving global trade conditions," said Wu Kan,
Shanghai-based head of equity trading at investment firm
Wu said the surge in port operators was an extension of the
recent fervour for "One Belt, One Road" concept stocks. The
infrastructure initiative envisions building a network of land,
sea and air routes that will open new trade links from China to
the rest of Asia and Europe.
Gains also reflected expectations that Chinese President Xi
Jinping's meeting with his U.S. counterpart Donald Trump next
month would help reduce the chance of a Sino-U.S. trade war, Wu
But concerns about liquidity and tighter policy measures
kept China markets in check.
On Wednesday, China's central bank skipped open market
operations for the fourth straight day, saying liquidity levels
remained "appropriate". Its inaction resulted in a fourth
consecutive session of net drains ahead of month- and
quarter-end, when conditions typically tighten.
Property developers continued to struggle as
local governments stepped up cooling measures to curb high
Moody's Investors Service warned on Wednesday that China's
economy would face heightened risks from a potential future
property downturn, with authorities' scope for mitigating such
an impact limited.
But banking stocks were up slightly after major
lenders Bank of Communications (BoCom) ,
and Agricultural Bank of China (AgBank)
reported modest annual profit growth.
In Hong Kong, the Hang Seng index edged up 0.2
percent to 24,396.26, while the Hong Kong China Enterprises
Index gained 0.5 percent to 10,477.40.
Most sectors were up. An index tracking transport shares
rose 0.6 percent.
Index heavyweight Tencent rose nearly 1 percent,
after touching record intraday highs, after the Chinese Internet
giant bought a 5 percent stake in U.S. electric car maker Tesla
(Samuel Shen and John Ruwitch; Editing by Kim Coghill)