China stocks edge higher; Hong Kong rebounds on bargain hunting


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SHANGHAI, Dec 1 (Reuters): China stocks edged up on Wednesday, as real estate and energy shares gained, while Hong Kong shares rebounded from a more than one-year low as bargain hunters bought the dips on tech and financials shares.

The CSI300 index rose 0.1% to 4,836.39 at the end of the morning session, while the Shanghai Composite Index gained 0.1% to 3,567.83.

The Hang Seng index added 1.4% to 23,804.87. The Hong Kong China Enterprises Index gained 1.5% to 8,496.44.

** Real estate firms gained 1.6%, and energy shares rose 2.9%.

** Coal miners surged 3.4%, tracking gains in coal futures, buoyed by supply concerns as coal imports from Mongolia were disrupted by the recent outbreak of the Omicron coronavirus variant.

** The new energy sub-index, the machinery sub-index and the defence sub-index lost about 1.5% each.

** A private survey showed China's factory activity fell back into contraction in November as subdued demand, shrinking employment and elevated prices weighed on manufacturers.

** The survey which focuses more on small firms in coastal regions stood in contrast with those in an official survey on Tuesday.

** Hong Kong shares snapped a three-day losing streak and jumped the most in six weeks.

** The Hang Seng Tech Index rose 1.1%. Food delivery company Meituan rebounded from an almost eight-week low and surged 3.9%, and Tencent Holdings gained 2.2%.

** However, Alibaba Group extended losses and dropped 1.5%. The tech giant has lost more than 20% after it missed quarterly revenue expectations and forecasted a slow growth.

** Financials shares jumped 1.8%, after consecutive declines in previous three sessions.

** Hong Kong-listed gambling stocks tumbled for a third day after arrests happened in Macau over alleged links to cross-border gambling and money laundering.

** Worries over a crackdown in the world's largest gambling hub grew as embattled gambling group Suncity Group Holdings has closed all of its VIP gaming rooms in Macau after its chairman was arrested. - Reuters
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