A gauge of Chinese equities in Hong Kong trimmed losses, supported by a rotation into financial shares as investors shifted out of artificial intelligence-linked names. The Hang Seng China Enterprises Index narrowed its decline to 0.3% from a loss of as much as 2.3%, with insurers like China Life Insurance Co. and lenders including Postal Savings Bank of China Co. among the biggest gainers. The MSCI China Index erased an earlier loss to trade little changed, while the onshore benchmark CSI 300 Index closed up 2.4% to hit the highest level since December 2021. Non-bank financials led gains as some investors rotated out of technology stocks into brokers and insurers with clearer earnings visibility, according to Fu Zhifeng, chief investment officer at Shanghai Chengzhou Investment Management Co. The HSCEI gauge had been on the brink of entering a technical bear market, weighed by weak consumption data and investors chasing AI shares in other North Asian markets, with Alibaba Group Holding Ltd. and Xiaomi Corp. remaining among the biggest drags.
Tencent Holdings Ltd
Citigroup Inc.
Baidu Inc
Alibaba Group Holding Ltd
Xiaomi Corp
Jd Com Inc
China Life Insurance Co Ltd A
Postal Savings Bank of China Co Ltd