June 9, 2020 / 4:48 AM / a month ago

China, Hong Kong stocks gain on quick economic revival hopes

BEIJING/SHANGHAI, June 9 (Reuters) - China and Hong Kong stocks climbed on Tuesday, tracking gains in broader markets, as the easing of the coronavirus-induced lockdown in many countries fed short-term investor optimism of a quick economic recovery.

** At the midday break, the Shanghai Composite index was up 0.47% at 2,951.70 points. ** Robust northbound flows worth 3.14 billion yuan ($443.66 million) helped lift the index further, according to Refinitiv data.

** China’s blue-chip CSI300 index was up 0.57%, with its financial sector sub-index climbing 0.47%, the consumer staples sector up 0.77%, the real estate index up 0.15% and the healthcare sub-index up 1.53%. ** Chinese H-shares listed in Hong Kong rose 1.32% to 10,140.67, while the Hang Seng Index was up 1.31% at 25,101.56. ** The smaller Shenzhen index was up 0.46% and the start-up board ChiNext Composite index was higher by 1.17%. ** The same level of optimism from last week continues to drive equity market gains now, wrote Pan Jingyi, market strategist with IG.

** Investors did not appear to react yet to reports of Cathay Pacific Airways’s plans to undergo a HK$40 billion ($5.16 billion) capital restructuring exercise as the Hong Kong government takes the lead in a bailout package worth nearly HK$30 billion in loans and an undisclosed stake.

** Cathay, which was hit by the outbreak that grounded planes globally, halted trading of shares in Hong Kong on Tuesday together with its major shareholders Swire Pacific Ltd and Air China Ltd pending announcements. ** Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.85%, while Japan’s Nikkei index was down 0.82%. ** The yuan was quoted at 7.0779 per U.S. dollar, 0.11% weaker than the previous close of 7.0701.

($1 = 7.0775 yuan)

$1 = 7.7503 Hong Kong dollars Reporting by Cheng Leng in Beijing, Luoyan Liu and Andrew Galbraith in Shanghai, Editing by Sherry Jacob-Phillips

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