March 6, 2018 / 7:25 AM / in 8 months

China stocks rally as developers, healthcare firms shine

* Shanghai stocks higher, blue-chip CSI300 index up

* Gains in Shanghai stocks led by Founder Technology Group Co Ltd and losses by Zhongyuan Union Cell & Gene Engineering Corp Ltd

* China’s A-shares are at a 28.20 percent premium over H-shares

SHANGHAI, March 6 (Reuters) - China stocks rebounded on Tuesday, aided by robust gains in shares of real estate and healthcare firms, as worries of an imminent trade war eased. ** The tech-heavy start-up index, ChiNextp, closed at a five-week high, recouping most of its lost ground since late January, as the country plans new share issue option to bring tech giants home. ** China may allow its offshore-listed tech giants to sell a form of shares on the mainland, people with knowledge of the plan said, in a move that would pit Shanghai and Shenzhen against Hong Kong in the battle to host the country’s tech giants. ** “The prospects of unicorns coming to China may stir enthusiasm toward high-tech stocks,” said Yang Hai, strategist at Kaiyuan Securities. ** “It also fits into the government’s desire to improve China’s economic structure. The old economy needs to make way for the new economy.” ** At the close, the Shanghai Composite index was up 1 percent at 3,289.64. ** The blue-chip CSI300 index was up 1.2 percent, with its financial sector sub-index gaining 1.62 percent. Consumer staples sector was down 0.05 percent while the real estate index rose 4.31 percent and healthcare sub-index gained 2.17 percent. ** The smaller Shenzhen index ended 1.17 percent higher and the start-up board ChiNext Composite index was firmer by 0.11 percent. ** Around the region, MSCI’s Asia ex-Japan stock index was firmer by 1.64 percent while Japan’s Nikkei index closed up NOT AVAILABLE percent. ** At 07:06 GMT, the yuan was quoted at 6.3457 per U.S. dollar, 0.06 percent weaker than the previous close of 6.3419. ** The largest percentage gainers in the main Shanghai Composite index were Founder Technology Group Co Ltd up 10.14 percent, followed by Far East Smarter Energy Co Ltd gaining 10.08 percent and Jiangsu Zongyi Co Ltd up 10.03 percent. ** The largest percentage losses in the Shanghai index were Zhongyuan Union Cell & Gene Engineering Corp Ltd down 4.33 percent, followed by Gansu Ronghua Industry Group Co Ltd, down 3.96 percent, and Tongling Jingda Special Magnet Wire Co Ltd, down 3.85 percent. ** So far this year, the Shanghai stock index is down 0.5 percent.

** About 19.54 billion shares were traded on the Shanghai exchange, roughly 96.3 percent of the market’s 30-day moving average of 20.30 billion shares a day. The volume in the previous trading session was 14.48 billion. ** As of 07:07 GMT, China’s A-shares were trading at a premium of 28.20 percent over the Hong Kong-listed H-shares. ** The Shanghai stock index is below its 50-day moving average and below its 200-day moving average. ** The price-to-earnings ratio of the Shanghai index was 14.85 as of the last full trading day while the dividend yield was 2 percent. ** So far this week, the market capitalisation of the Shanghai stock index has risen by 0.03 percent to 29.13 trillion yuan. (Reporting by Shanghai Newsroom)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below