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China stock markets, unlike others, unfazed by N.Korea missile launch
August 29, 2017 / 7:13 AM / 4 months ago

China stock markets, unlike others, unfazed by N.Korea missile launch

SHANGHAI, Aug 29 (Reuters) - China’s major shares indexes moved only marginally on Tuesday as investors paused for breath after a recent rally.

Investors were little fazed by North Korea’s missile launch over Japan, which impacted indexes elsewhere in Asia. China’s share markets are largely driven by domestic factors.

After two sessions of solid gains, there was some profit-taking on Chinese exchanges on Tuesday. The CSI300 index fell 0.2 percent to 3,834.54 points while the Shanghai Composite Index gained 0.1 percent to 3,365.23 points.

Most sectors barely moved, with losses led by real estate stocks.

Investors are awaiting more corporate earnings by month-end, and the latest readings on the health of China’s factory and service sectors.

“We’ve seen improvement in sectors such as steel, coal and non-ferrous metal, thanks to supply-side reforms,” said Shanghai-based hedge fund manager David Dai. “The uptrend in cyclical sectors will likely continue.”

The market has also drawn support from signs that the government is accelerating the pace of reforms for state-owned enterprises (SOEs).

China announced on Monday that top coal miner Shenhua Group Corp Ltd will take over China Guodian Group Corp , among the country’s top five state power producers, in a deal creating the world’s largest power utility, worth $278 billion. (Reporting by Luoyan Liu and John Ruwitch; Editing by Richard Borsuk)

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