** China's blue-chip CSI300 Index climbed 0.5% by the lunch break, while the Shanghai Composite Index gained 0.4%.
** Hong Kong's benchmark Hang Seng Index was down 0.5%, while the China Enterprises Index slipped 0.6%.
** China's imports contracted sharply in April, while
exports grew at a slower pace, reinforcing signs of feeble
domestic demand despite the lifting of COVID curbs and heaping
pressure on an economy already struggling in the face of cooling
global growth.
** UBS analysts wrote in a note that imports data fell more
than expected, indicating domestic demand remains weak despite
policy support.
** "The sequential decline in exports is in line with
historical patterns for this year's earlier-than-normal Lunar
New Year," said analysts at Goldman Sachs.
** Financial stocks, however, bucked the trend, with
securities shares up 4.6%. Most banks and
brokerages in the country are state-owned enterprises.
** China International Capital Corp Ltd ,
Everbright Securities Co Ltd , and China Galaxy
Securities Co Ltd jumped 10%, hitting the daily
upper circuit limit.
** The momentum may be reinforced by a roadshow announcement
from Shanghai Stock Exchange (SSE), analysts said.
** SSE Roadshow Center's website indicates SSE will be
hosting a meeting on discovering investment value and promoting
the revaluation of of Central State-owned enterprises(SOEs) on
Thursday. The meeting is also intended for introducing
Exchange-Traded Funds (ETFs) of Central SOE themes.
** In Hong Kong, tech stocks declined 1.2%, with
Tencent and Meituan down 1.9% and 1.1%,
respectively.
** Meanwhile, healthcare shares slumped 3.2%, with
Beigene Ltd and Angelalign Technology Inc down 2.8% and 6.1%, respectively.
(Reporting by Shanghai Newsroom; Editing by Rashmi Aich)
