January 20, 2020 / 5:25 AM / a month ago

China stocks rise on signs of steadying economy, Hong Kong dips

SHANGHAI, Jan 20(Reuters) - China stocks rose on Monday on signs of a stabilizing domestic economy and increasing expectations of government stimulus to aid growth, while Hong Kong shares dipped.

** The CSI300 index rose 0.5% to 4,176.50 by the end of the morning session, while the Shanghai Composite Index gained 0.4% to 3,088.59.

** In Hong Kong, the Hang Seng index dropped 0.4% to 28,942.57, while the Hong Kong China Enterprises Index lost 0.2% to 11,401.63.

** China is confident of maintaining steady industrial growth this year despite big pressures facing the sector, Minister of Industry and Information Technology Miao Wei said on Monday.

** His remarks came after China’s industrial output topped expectations in December by growing 6.9% from a year earlier, the strongest pace in nine months.

** Investors also expect more government stimulus ahead after China’s economic growth cooled to a near 30-year low of 6.1% in 2019 amid a bruising trade war with the United States.

** Among shares, hotel operators and tourism firms slumped following news that an outbreak of a new coronavirus in China was spreading to other cities, raising concerns around its containment and clouding travel plans of millions of Chinese for Lunar New Year holiday.

** BTG Hotels Group Co and Shanghai Jin Jiang International Hotels Development Co tumbled over 7%, while tourism company Songcheng Performance Development Co slumped over 8%.

** Shares of drugmakers and facial mask producers such as Jiangsu Sihuan Bioengineering Co and Shandong Lukang Pharmaceutical Co jumped. (Reporting by Shanghai Newsroom; editing by Uttaresh.V)

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