Mainland Chinese stocks fluctuated between gains and losses, as the central bank refrained from cutting a key policy interest rate. Investors piled into Industrial and Commercial Bank of China (ICBC) and other high-dividend stocks amid falling bond yields.
The broad-based CSI 300 Index slipped 0.1 per cent to 3,979.51 at the trading break, hovering near a two-week high. The Shanghai Composite Index retreated 0.3 per cent.
Hong Kong’s market is closed up to Thursday for the Christmas holiday.
Materials and consumer staples stocks were the worst-performing sectors on the CSI 300. Limiting the losses, ICBC and other big state-owned lenders refreshed new highs after a rapid decline in government bonds yields boosted the appeal of high-dividend stocks.
The People’s Bank of China (PBOC) kept the interest rate on its one-year medium-term lending…
