china shares: China, Hong Kong shares rise as metal and rare earth firms shine

BEIJING: China and Hong Kong shares rose on Tuesday, extending gains from the previous session, as metal and rare earth stocks shined on signs that a resurgence of locally transmitted COVID-19 infections has been contained.

At the midday break, the Shanghai Composite index was up 1.22 per cent at 3,575.66 points. China’s blue-chip CSI300 index was up 1.45 per cent, with its consumer staples sector up 1.51 per cent and the healthcare sub-index up 1.4 per cent.

Leading the gains, the non-ferrous metal sub-index gained 4.5 per cent, while the rare earth sector sub-index surged 4.4 per cent.

Chinese H-shares listed in Hong Kong rose 0.29 per cent to 11,593.48, while the Hang Seng Index was up 0.39 per cent at 29,432.92.

The smaller Shenzhen index was up 1.86 per cent, the start-up board ChiNext Composite index was higher by 1.58 per cent and Shanghai’s tech-focused STAR50 index was up 1.97 per cent.

China reported 14 new COVID-19 cases on the mainland on Feb. 8, official data showed on Tuesday, unchanged from a day earlier and the second day of no locally transmitted infections. Shares in China’s digital currency-related stocks rose, underpinned by gains for cryptocurrencies.

Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.42 per cent while Japan’s Nikkei index was up 0.11 per cent. The yuan was quoted at 6.4487 per U.S. dollar, 0 per cent firmer than the previous close of 6.4488.