SHANGHAI, March 17 (Reuters) - China stocks jumped on
Friday, tracking gains in global markets after U.S. banks moved
to rescue another regional lender, while investors also cheered
signs of an economic recovery in China.
** China's blue-chip CSI300 Index and the Shanghai
Composite Index both jumped 1.6% by the end of the
morning session.
** Hong Kong's benchmark Hang Seng Index advanced
1.9%, while the Hang Seng China Enterprises Index surged
2.4%.
** Asian markets extended a risk rally on Wall Street to end
a tumultuous week that saw a brewing banking crisis send bond
yields plunging.
** Large U.S. banks on Thursday injected $30 billion in
deposits into First Republic Bank , swooping in to rescue
the lender, which was caught up in a widening crisis triggered
by the collapse of two other mid-size U.S. banks over the past
week.
** Foreign investors snapped up Chinese shares on Friday,
with the overseas net buying via the Stock Connect surpassing 12
billion yuan ($1.75 billion) this morning and set to log the
biggest daily inflow since end-January.
** China's CSI 300 Real Estate Index climbed
1.9% amid signs the country's property market is stabilising.
** "Post last week's less-encouraging NPC targets, investor
sentiment has started to recover as macro data for January and
February came in sanguine and confirmed that China's strong
growth rebound is on track," Morgan Stanley analysts said in a
note.
** The bank also said it continues to believe China's
recovery is on track and intact, and will watch out for quickly
shifting dynamics on the geopolitical front, the global rate and
FX environment.
** Hong Kong-listed shares of search engine giant Baidu surged 15.7%, recouping losses suffered a day earlier
after the launch of its artificial intelligence-powered Ernie
bot.
** Other tech and media stocks also rose. Information
technology companies soared 3.5% and anime comic
gaming firms surged 5%, while tech giants listed in
Hong Kong added 4.4%.
($1 = 6.8665 Chinese yuan)
(Reporting by Shanghai Newsroom; Editing by Subhranshu Sahu)
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