Chinese equities hit their highest level this year, defying a decline in the US stock market that pushed it into correction territory overnight amid hopes of further policy support for consumption in Asia’s largest economy.
Chinese authorities announced late on Thursday that they would hold a press conference on “boosting consumption” on Monday. This helped push the country’s CSI 300 benchmark up 2.4 per cent. Hong Kong’s Hang Seng index climbed 2.5 per cent.
Gains were concentrated in stocks with exposure to China’s massive consumer base. Shares in drinks company Kweichow Moutai rose 5.9 per cent, while shares in electric vehicle maker BYD climbed 6.5 per cent. CATL, the world’s largest EV battery maker, rose 3.5 per cent.
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