China stocks set for rare weekly rise after Fed rate cut; HK shares jump
SHANGHAI, Sept 20 (Reuters) -China stocks fell on Friday after benchmark lending rates were unexpectedly kept unchanged, but the main indexes were headed for their first weekly gain in a month as the U.S. rate cut strengthened bets that Beijing will soon unveil fresh stimulus.
** Hong Kong shares jumped more than 1%, on track for a sixth day of gains, and the best weekly performance in five months, amid a broad rally in global markets.
** China's blue-chip CSI300 index .CSI300 was down 0.27% at the midday break, while the Shanghai Composite index .SSEC fell 0.23%. But both indexes were set for rare weekly rises.
** Hong Kong's Hang Seng Index .HSI gained 1.5%, on track for a weekly gain of more than 5%, as the Federal Reserve kicked off its rate-cutting cycle on Wednesday with a bigger than expected 50-basis-point cut.
** Hong Kong stocks are more sensitive to U.S. rates than shares in China, where regulators impose strict capital controls.
** In China, sectors that benefit from lower rates - including real estate .CSI000948 and tech .CSIASITI rose. Banking shares .CSI399986 also gained on China's Friday inaction on rates. Lower lending rates hurt banks' profitability.
** The Fed starting to cut rates is good news for Chinese assets, but "whether the A-share market can stabilise is mainly determined by economic fundamentals," China International Capital Corp said in a note.
** Around the region, MSCI's Asia ex-Japan stock index .MIAPJ0000PUS was firmer by 0.76% while Japan's Nikkei index .N225 was up 1.80%.
** China's CSI financial sector sub-index .CSI300FS was higher by 0.21%, the consumer staples sector .CSI000912 down 0.64%, the real estate index .CSI000952 up 1.33% and the healthcare sub-index .CSI300HC fell 1.65%.
** The smaller Shenzhen index .SZSC was down 0.34%, the start-up board ChiNext Composite index .CNT was weaker by 0.8% and Shanghai's tech-focused STAR50 index .STAR50 was down 0.95%.
Reporting by Shanghai Newsroom; Editing by Mrigank Dhaniwala
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