Chinese stocks are on the rise; Hong Kong bounces back on bargain hunting

SHANGHAI, Dec. 1 (Reuters) – Chinese stocks edged up Wednesday, as real estate and energy stocks advanced, while Hong Kong stocks rebounded from a more than a year low as good hunters business bought the declines in tech and financial stocks.

The CSI300 index (.CSI300) rose 0.1% to 4,836.39 at the end of the morning session, while the Shanghai Composite Index (.SSEC) gained 0.1% to 3,567 , 83.

The Hang Seng Index (.HSI) rose 1.4% to 23,804.87. The Hong Kong China Enterprises Index (.HSCE) gained 1.5% to 8,496.44.

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** Real estate companies (.CSI000952) gained 1.6% and energy stocks (.CSIEN) rose 2.9%.

** Coal miners (.CSI000820) jumped 3.4%, following gains in coal futures, supported by supply issues as coal imports from Mongolia were disrupted by the recent outbreak of the Omicron coronavirus variant. Read more

** The New Energy Sub-Index (.CSI399808), Machinery Sub-Index (.CSI000812) and Defense Sub-Index (.CSI399959) lost around 1.5% each.

** A private survey showed that Chinese factory activity fell back into contraction in November as subdued demand, shrinking employment and high prices weighed on manufacturers. Read more

** The survey which focuses more on small businesses in coastal regions contrasted with that of an official survey on Tuesday. Read more

** Hong Kong stocks ended a three-day losing streak and rose the most in six weeks.

** The Hang Seng Technology Index (.HSTECH) rose 1.1%. Food delivery company Meituan (3690.HK) rebounded from a nearly eight-week low and jumped 3.9%, and Tencent Holdings (0700.HK) gained 2.2%.

** However, Alibaba Group (9988.HK) extended its losses and fell 1.5%. The tech giant lost more than 20% after missing quarterly revenue expectations and forecasting slow growth. Read more

** Financial stocks (.HSCIF) jumped 1.8%, after consecutive declines in the previous three sessions.

** Hong Kong-listed gambling stocks (.CSICESG10) fell for a third day after arrests in Macau for suspected links to cross-border gambling and money laundering. Read more

** Concerns over a crackdown at the world’s largest gambling hub increased as troubled gambling group Suncity Group Holdings (1383.HK) closed all of its VIP arcades in Macao after the arrest of its president. Read more

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Shanghai press room report; Editing by Rashmi Aich

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