Main­land stocks set­tle flat in run-up to New Year

China Daily (Hong Kong) - - BUSINESS - By REUTERS

Main­land stocks were lit­tle changed on Thurs­day, with op­ti­mism spurred by fad­ing liq­uid­ity stress coun­ter­bal­anced by in­vestors stay­ing wary of the prospect of reg­ula- tory mea­sures to curb ag­gres­sive in­vest­ment in stocks by in­sur­ers.

The blue-chip CSI300 in­dex dipped 0.1 per­cent, to 3,297.76, while the Shang­hai Com­pos­ite In­dex fell 0.2 per­cent to 3,096.10 points.

The mar­ket found some so­lace from progress made to avoid de­faults re­sult­ing from a re­cent bond scan­dal. Sealand Se­cu­ri­ties said on Thurs­day it had signed agree­ments with 19 coun­ter­par­ties to re­solve the “forged” bond dis­pute.

But in­vestors re­mained cau­tious fol­low­ing news that the na­tion’s in­sur­ance reg­u­la­tor planned to es­tab­lish a dis­crim­i­na­tory su­per­vi­sion sys­tem that would more closely mon­i­tor some un­con­ven­tional in­sur­ance prod­ucts, in the lat- est move to rein in ag­gres­sive stock in­vest­ment.

Sec­tor per­for­mance was mixed on the main­land, with gains in in­fra­struc­ture stocks off­set­ting losses in prop­erty stocks.

Hong Kong stocks edged up on Thurs­day, as strength in tech stocks out­weighed the bear­ish hint from Wall Street, where stocks lost the most in two months overnight.

The Hang Seng In­dex rose 0.2 per­cent, to 21,790.91, while the China En­ter­prises In­dex gained 0.1 per­cent, to 9,312.76 points.

The mar­ket got some sup­port from main­land in­vestors, who spent 3.7 bil­lion yuan ($532 mil­lion) buy­ing Hong Kong shares via the Shang­haiHong Kong Stock Con­nect link.

Shares of Ten­cent Hold­ing Ltd gained the most in seven weeks and were up around 2.2 per­cent, af­ter Ten­cent said on Wed­nes­day that the lon­gawaited “Lit­tle Pro­gram” fea­ture of its pop­u­lar mes­sag­ing ap­pli­ca­tion WeChat would go live on Jan 9.

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