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China, Hong Kong shares diverge on market support, global rate concerns

By Reuters News

HONG KONG, Nov 11 (Reuters) - China stocks edged higher, and Hong Kong shares fell on Wednesday, as investors weighed renewed global rates concerns against domestic market stabilisation measures.

** The Shanghai Composite index .SSEC reversed earlier losses and closed up 0.5%. The blue-chip CSI300 index .CSI300 added 0.4%.

** Tech shares led gains. The start-up board ChiNext Composite index .CNT rose 3.1% and Shanghai's tech-focused STAR50 index .STAR50 climbed 2.8%.

** The telecommunications sector was among the biggest gainers, with the CSI 5G Communications Index .CSI931079 up 6.7%. Optical communications module maker Zhongji Innolight 300308.SZ surged over 15%.

** In Hong Kong, the Hang Seng Index .HSI was down 1% at 24,315.92 and the Hang Seng Tech Index .HSTECH declined 1.4%.

** Around the region, equity markets were stuck in a narrow range with traders caught between rate hike expectations and oil-market tensions. A hotter-than-expected consumer inflation reading in the US and hawkish policymakers drove up bets of a quicker pace of rate hikes.

** The resulting rise in global bond yields and strengthening dollar put pressure on A-share valuations, analysts at Nanhua Futures said in a note.

** "This round of recent market recovery has been driven mainly by domestic measures to support markets and a temporary easing of overseas uncertainties," they said.

** "However, both the strength and durability of these factors appear limited. While market sentiment has improved somewhat, investors remain broadly cautious, and stock indexes are expected to trade in a range in the near term."

** Elsewhere, oil prices rose on Wednesday after falling to two-month lows in the previous session, as the market swung between hopes of de-escalation in the Iran war and concerns over continued attacks on shipping in the Strait of Hormuz.

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