As investor attention shifts from Taiwan to China and Hong Kong shares


Chinese and Hong Kong stocks said on Thursday that investor interest has risen from tensions over Taiwan to a number of newly launched infrastructure projects in hopes of helping Beijing stabilize its COVID-19-hit economy. China’s leading index CSI300 rose 0.3% during the lunch break, while the Shanghai Composite Index rose 0.2%. Hang Seng, Hong Kong’s benchmark index, rose 1.5%, led by technology stocks. Analysts say markets are relieved that House Speaker Nancy Pelosi’s visit to Taiwan did not spark a direct military conflict, but tensions between China and the United States over Taiwan, which China claims as its own, have lingered.

Chinese infrastructure stocks rose 0.7%. Chinese bank stocks also rose ahead of July’s release of credit data. In Hong Kong, the Hang Seng Tech Index rose 2.2%. Shares of Hong Kong-listed Alibaba rose 4% as the Chinese tech giant is due to announce earnings on Thursday. Trip.com, Baidu and SMIC all rose by more than 3% in Hong Kong.

His Nuno Fernandes, partner and portfolio manager at GW&K, said: “We believe that more sober thoughts prevail.” Investor attention is now shifting to signs that infrastructure spending is picking up steam as Beijing attempts to revive its economy. Construction began on 3,876 major projects in July, with a total investment of 2.4 trillion yuan ($355.33 billion), according to Securities Times. In the second half of the year, China’s national grid plans to invest more than 150 billion yuan of his in ultra-high voltage (UHV) transmission lines.

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