China stocks increase at noon, CSI 300 climbs 0.8% & Shanghai Composite soars 1.0%

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BEIJING: China stocks were surged on Friday as economic and industrializing stocks picked up mainland markets whereas the Hong Kong bourse descended on information of technology, finance and property losses.
The CSI300 index rose 0.8 percent, to 3,632.35 points at the end of the morning session, while the Shanghai Composite Index gained 1.0 percent, to 3,371.23 points.
The CSI300 banking index rose 0.78 percent after the central bank announced it would increase relending quotas to banks by $8.1 billion, to support agriculture and small companies.
Shenzhen’s NASDAQ-like ChiNext board – home to many IT and small cap companies – posted stronger gains than Shanghai, climbing 2.41 percent in morning trading.
The Hang Seng index dropped 1.0 percent, to 24,107.56 points. The Hong Kong China Enterprises Index lost 1.2 percent, to 12,048.97.
Hong Kong shares reflected drops in U.S. markets, which fell for a fifth straight session on Thursday amid worries over weak global economic growth. Analysts said investors in Hong Kong took profits from gains on Thursday.
“The market is facing some resistance at the current level, and investors are waiting for the A-share market to stabilize,” said Castor Pang, head of research at Core Pacific-Yamaichi in Hong Kong.
China Overseas Land & Investment helped lead declines on the Hang Seng index, falling 3.76 percent on local media reports that the Shenzhen city government had frozen one of its developments.
Tencent dropped 3.55 percent and HSBC Holdings fell 0.71 percent, dragging on the index.
China CSI300 stock index futures for January rose 0.9 percent to 3,626.8, some 5.55 points below the prevailing value of the underlying index.
The index measuring price differences between dual-listed companies in Shanghai and Hong Kong stood at 133.77.
A value above 100 indicates Shanghai shares are at a premium to shares in the same company trading in Hong Kong, and vice versa.
Total volume of A shares traded in Shanghai was 20.74 billion shares, while Shenzhen volume was 8.38 billion shares.
Total trading volume of companies included in the HSI index was 0.8 billion shares.