for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up
Company News

China stocks slip as healthcare, TMT shares weigh; Hong Kong up

* SSEC -0.2%, CSI300 -0.3%, HSI 0.1%

* HK->Shanghai Connect daily quota used 1.3%, Shanghai->HK daily quota used 2.9%

* FTSE China A50 +0.2%

SHANGHAI, Nov 17 (Reuters) - China stocks slipped on Tuesday, weighed by losses in healthcare and technology, media and telecom (TMT) stocks on worries over lofty valuations, while more bond defaults hit sentiment.

** The CSI300 index fell 0.3% to 4,890.57 points at the end of the morning session, while the Shanghai Composite Index fell 0.2%, to 3,340.32 points.

** Falling the most, the CSI300 healthcare index and the CSI TMT industries index slid 2.6% and 1.9%, respectively.

** Developers led gains, with the CSI300 real estate index rising 3%.

** Transport firms, in particular shipping and port firms, climbed on hopes of a global economic recovery.

** Moderna Inc’s experimental vaccine is 94.5% effective in preventing COVID-19 based on interim data from a late-stage trial, the company said on Monday, becoming the second U.S. drugmaker to report results that far exceed expectations.

** China’s mutual funds shifted some of their positions to cyclical players for more safety margin as valuations of techs are too high now, said Yan Kaiwen, an analyst with China Fortune Securities.

** Yan added the recent bond defaults also hit market sentiment.

** State-backed integrated circuit maker Tsinghua Unigroup defaulted on a 1.3 billion yuan bond issued in 2017, according to three sources with knowledge of the matter, Reuters reported.

** Chinese banks and fund managers dumped their holdings of riskier corporate bonds last week after a series of defaults by top-rated state-owned enterprises (SOEs) sent shockwaves through the mainland corporate bond market.

** China should set an annual average economic growth target of around 5% for the 2021-2025 period, a senior economist at a Chinese state think tank said on Tuesday.

** Separately, a top Chinese securities regulator said on Tuesday that he hoped Sino-U.S. relations will be much improved under a Biden administration.

** The Hang Seng index rose 0.1% to 26,410.39, while the Hong Kong China Enterprises Index was unchanged at 10,574.42. (Reporting by Luoyan Liu and Andrew Galbraith; Editing by Ramakrishnan M.)

for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up