December 28, 2023Thomson Reuters

China blue-chips jump most in 5 months on strong foreign inflows

The blue-chip CSI 300 Index closed up 2.3%, logging the biggest gain since July 25, and the Shanghai Composite Index added 1.4%

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Hong Kong's Hang Seng Index surged 2.5%, and the Hang Seng China Enterprises Index climbed 2.9%

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Foreign investors bought a net 13.5 billion yuan of Chinese stocks via the Stock Connect on the day, booking the biggest daily inflow in five months

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"In the market, valuation and sentiment indicators are all at record low levels," said Huajin Securities in a note, adding there is limited room for further decline

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China will strive to expand domestic demand, ensure a speedy economic recovery and promote stable growth

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Tech giants listed in Hong Kong gained 3.4%, with food delivery giant Meituan up 5.2%

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The Hang Seng Mainland Properties Index advanced 4.7%

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