By Summer Zhen
HONG KONG, Feb 28 (Reuters) - China stocks edged up,
while Hong Kong shares were mixed in the morning session on
Tuesday, the last day of February, as investors put a hold on
big bets and waited for economic data confirming the recovery.
** China's blue-chip CSI 300 Index inched up
0.04%, while the Shanghai Composite Index climbed 0.07%.
** The Hang Seng Index rose 0.41%, while Hang Seng
China Enterprises Index dipped 0.10%.
** Asian shares nudged higher on Tuesday, tracking small
gains on Wall Street, while the U.S. dollar paused after a sharp
rally as month-end flows lift sentiment and investors adjust to
expectations of more interest rate hikes.
** Income per capita in China grew by just 2.9% in real
terms in 2022, after increasing by 8.1% a year earlier,
returning to a growth rate similar to that of 2020 when China
was battling COVID and introducing sweeping lockdowns and other
restrictions.
** China's yuan rebounded to the 6.94-6.95 levels against
the dollar, after a slide on Monday that took it to a two-month
low and near the 7-per-dollar psychological level.
** "The data releases in coming weeks will pose the reality
check on the China-reopening trade and the RMB may test the 7
psychological level given the risk of data disappointment," Ken
Cheung, chief Asian FX strategist at Mizuho Bank, said in a
note.
** Redmond Wong, Greater China market strategist at Saxo
Markets, said investors are waiting for more economic data to
access the strength of the recovery.
** "The rise in tension between the U.S. and China over the
issue of Russia also weighed on sentiment," Wong said, but
stressed they don't think the bull market in China and Hong Kong
stock markets are over.
** Among sectors, traditional Chinese medicine (TCM)
companies jumped 2.1% after Chinese Vice Premier
Sun Chunlan called for promoting the innovation and development
of TCM. AI-related stocks also rose 1.3%.
** In Hong Kong, the Hang Seng Tech Index lost
0.6%, while Hong Kong-listed telecom stocks gained
2.2%.
(Reporting by Summer Zhen; Editing by Savio D'Souza)
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