China stocks close marginally higher after IMF upgrades GDP forecasts

Reuters05-29

(Updates to market close)

SHANGHAI, MAY 29 (Reuters) - China stocks ended slightly higher on Wednesday, after the International Monetary Fund (IMF) upgraded its economic growth forecasts for the Asian giant.

China's economy is set to grow 5% this year, after a "strong" first quarter, the IMF said on Wednesday, raising its earlier forecast of 4.6% expansion.

Tech shares dragged Hong Kong's key indexes lower, with e-commerce giants Alibaba and Meituan down 3.5% and 5.3%, respectively. ** At the close, the Shanghai Composite index was up 0.05% at 3,111.02.

** The blue-chip CSI300 index was up 0.12%, with its financial sector sub-index lower by 0.49%, the consumer staples sector up 0.15%, the real estate index up 0.66% and the healthcare sub-index

down 0.21%.

** The smaller Shenzhen index ended up 0.3% and the start-up board ChiNext Composite index was higher by 0.267%.

** Around the region, MSCI's Asia ex-Japan stock index

was weaker by 1.48%, while Japan's Nikkei index

closed down 0.77%.

** At 08:12, the yuan was quoted at 7.2487 per U.S. dollar, 0.06% weaker than the previous close of 7.2441. ** At the close of trade, the Hang Seng index was down 344.15 points or 1.83% at 18,477.01. The Hang Seng China Enterprises index fell 1.92% to 6,557.48.

** The sub-index of the Hang Seng tracking energy shares

rose 0.9%, while the IT sector dipped 2.89%, the financial sector ended 1.78% lower and the property sector dipped 1.05%.

** The top gainer on the Hang Seng was BYD Co Ltd , which gained 5.32%, while the biggest loser was JD Health International Inc , which fell 5.38%.

(Reporting by Shanghai Newsroom; Editing by Mrigank Dhaniwala)

((li.gu@tr.com))

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