China Stocks Edge Up as Central Bank Keeps Key Rates; China Northern Rare Earth, Hikvision Rise on Q1 Results
Chinese stocks edged up Monday after the country's central bank held its benchmark rates and added new market rules.The Shanghai Composite Index, the main gauge of Chinese stocks, gained 0.8% or 30.70 points to 4,082.13. The Shenzhen Component Index rose 0.6% or by 81.33 points to 14,966.75.The People's Bank of China held its benchmark rates for the 11th straight month. The PBOC held the one-year LPR at 3% and the LPR of five years or more at 3.5%.ING analysts expected no changes to the LPR as gross domestic product growth stayed within the year's target range of 4.5% and 5% for the first quarter.Meanwhile, China also exported 5,238 metric tons of rare earth magnets in March, down 1.6% from last year but up 11% from February, Reuters reported Monday.Investors remained hopeful about a deal between the U.S. and Iran despite concerns the ceasefire could not hold after the U.S. side said it captured an Iranian cargo vessel that tried to bypass its blockade, Reuters reported the same day.In corporate news, China Northern Rare Earth (SHA:600111) closed 3% higher after disclosing first-quarter guidance. Attributable profit is seen to increase 109% to 118% year over year to between 900 million yuan and 940 million yuan.Hangzhou Hikvision Digital Technology (SHE:002415) finished 4% higher as its first-quarter profit jumped 36% year over year to 2.78 billion yuan.