China stocks slip as investors cautious on recovery
Tuesday, September 19, 2023       13:31 WIB

SHANGHAI, Sept 19 (Reuters) - China stocks slipped on Tuesday, as some investors still remained cautious about the world's second-largest economy, even as latest data showed some signs of stabilisation.
The blue-chip CSI 300 Index slipped 0.2% by the midday recess, while the Shanghai Composite Index was almost flat.
Hong Kong's Hang Seng Index and the Hang Seng China Enterprises Index both remained almost unchanged.
"August activity data released last week showed some marginal improvement... However, we see very limited signs that the economy has truly bottomed out," said Ting Lu, chief China economist at Nomura. "All eyes are on the property sector after so many easing measures were rolled out in the past month."
Foreign investors sold a net 3.7 billion yuan ($507.26 million) of Chinese stocks via the Stock Connect so far on Tuesday.
Shares in tourism, new energy, computer and liquor dropped between 1.1% and 1.5% each.
China's central bank and forex regulator met with foreign financial institutions and companies on Monday, including JPMorgan, HSBC , as Beijing strives to attract overseas investment to support its recovery.
China will improve its policies, and create a market-oriented and international-level business climate, PBOC Governor Pan Gongsheng said at the meeting.
In Hong Kong, tech giants slipped 0.5%.
Shares of property developer Sunac China Holdings surged 4.6%, after creditors approved its $9 billion offshore debt restructuring plan.
"We see reasons for more optimism among the current weakness in the China equity market. Recently we have seen some bottoming out in macro data amidst a flurry of policy support," said James Wang, head of China strategy at UBS.
Wang said current divergence between fundamentals and share price performances may be the result of weak sentiment, which takes time to turn around. ($1 = 7.2941 Chinese yuan) (Reporting by Shanghai Newsroom; Editing by Rashmi Aich)

Sumber : Reuters