China stocks wobble, HK up as investors pin hope on property sector briefing
Updates to midday
By Summer Zhen
HONG KONG, Oct 16 (Reuters) -China stocks moved choppily onWednesday while Hong Kong shares rose, as investors looked forward to a government briefing focused on the struggling property sector.
China's blue-chip CSI300 Index .CSI300 edged down 0.2%, while the Shanghai Composite Index .SSEC was up 0.4%.
In Hong Kong, the benchmarkHang Seng .HSI climbed 0.9%. and the Hang Seng China Enterprises Index .HSCE rose 1%.
China will hold a press conference on Thursday to discuss promoting the "steady and healthy" development of the property sector, the State Council Information Office said on Tuesday.
That rekindled hopes of further policy easing to underpin a recovery in the housing market and a broad economic revival.
Swiss private bank UBP believes the policy announcements so far showed China is seeking to place a floor under asset prices as well as the economy as a whole.
"Should renewed pressure on asset prices or consumption emerge, policy in fact stand ready to once again act to shore up both segments of the economy, a positive for investors," said Norman Villamin, UBP Group chief strategist.
He added that uncertainties remainedin terms of the scale and implementation of the stimulus.
Chinese stocks have tumbled 10% since Oct. 8, as investors were disappointed by the lack of details on subsequent fiscal stimulus measures and weak September economic data.
The fall came after a 10-day rallysparked by a policy pivot in late September to pull the economy out of itsdeflationary funk.
"People are still waiting for unexpected positive news to the market," said Steven Leung, executive director at UOB Kay Hian, referring to cautious market sentiment.
Property stocks led the gains, with the CSI real estate index .CSI000952 and Hong Kong-listed mainland property stocks .HSMPI up 4.5% and 5.2%, respectively.
Homebuilder Sunac China 1918.HK surged 22% by midday, while China Vanke's mainland 000002.SZ and Hong Kong 2202.HK shares jumped 7% and 15% respectively.
Meanwhile, 5G Communications .CSI931079 and photovoltaic stocks .CSI931151 were down 2.4% and 1.9%, leading the decline.
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Reporting by Summer Zhen; Editing by Subhranshu Sahu and Janane Venkatraman
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