China stocks continue rally amid stimulus expectations; Hang Seng hits 3-month high
SHANGHAI, Sept 23 (Reuters) -China stocks rose on Monday and were set to gain for a fourth straight session, with the country's 30-year treasury yield hitting a record low amid heightened expectations that Beijing will unveil fresh economic stimulus.
** Hong Kong shares, which are more sensitive to the U.S. rate-cutting cycle that started last week, rose to a three-month high, led by energy .HSCIE, tech .HSSCIT and banking .HSMBI shares.
** Both China's blue-chip CSI 300 index .CSI300 and the Shanghai Composite Index .SSEC rose 0.7% by the lunch break. the Hang Seng Index .HSI was up 0.6%.
** U.S. rate cuts will herald further easing by global central banks, potentially benefiting Chinese exports this year, said Yang Chao, analyst at Galaxy Securities.
** "China's A-shares are relatively cheap by history standards," and are worthy buying for long-term investors.
** Hong Kong stocks will likely benefit more from U.S. rate cuts, as the market is more affected by global money flows than China, where regulators keep tight capital controls, said brokerage CICC.
** The yield on China's benchmark 30-year government bond CN30YT=RR fell to a record low of 2.13%, after China's central bank supplied 14-day cash to its banking system at a lower interest rate.
** Expectations of fresh stimulus were also fuelled by announcement that China's top financial regulators including the central bank will jointly hold a press conference on Tuesday morning.
** China's beverage .CSIH30205 and liquor stocks .CSI399997 led gains, after spirit giant Kweichow Moutai 600519.SS announced its first-ever share buyback since listing in August 2001. Moutai's shares were up 0.6%.
** China's smaller Shenzhen index .SZSC rose 0.56% and the start-up board ChiNext Composite index .CNT inched up 0.09%, while Shanghai's tech-focused STAR50 index .STAR50 fell 0.48%.
** In Hong Kong, the Hang Seng sub-index tracking energy shares .HSCIE rose 1.7% while the IT sector .HSCIIT rose 0.5%.
** The top gainer on the Hang Seng was China Resources Power Holdings Co Ltd 0836.HK, up 4.43%, while the biggest loser was WuXi Biologics (Cayman) Inc 2269.HK, which fell 2.69%.
** Around the region, MSCI's Asia ex-Japan stock index .MIAPJ0000PUS was firmer by 0.29% while Japan's Nikkei index .N225 was up 1.53%.
Reporting by Shanghai Newsroom; Editing by Varun H K
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