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China stocks end higher as consumer sector lends support, U.S. tensions cap gains

Reuters | Shanghai | Updated: 25-05-2020 13:09 IST | Created: 25-05-2020 13:09 IST
China stocks end higher as consumer sector lends support, U.S. tensions cap gains

China stocks closed higher on Monday, lifted by gains in consumer companies, though their rise was capped by simmering Sino-U.S. tensions. ** The Shanghai Composite index rose 0.15% to 2,817.97.

** The blue-chip CSI300 index was up 0.14%, while its financial sector sub-index fell 0.01%, the consumer staples sector gained 2.19%, the real estate index rose 1.56% and the healthcare sub-index added 1.31%. ** The smaller Shenzhen index ended down 0.09% and the start-up board ChiNext Composite index was higher by 0.279%.

** Sectors related to domestic demand would benefit as China will boost domestic demand to ensure jobs this year amid the coronavirus outbreak, analysts at Sinolink Securities noted in report. ** Gains were capped by rising Sino-U.S. tensions, with the Chinese government's top diplomat Wang Yi saying on Sunday that the United States should stop wasting time in its fight against the coronavirus and work with China to combat it, rather than spread lies and attack the country, the .

** Sino-U.S. ties have nosedived since the outbreak of the new coronavirus, with the administrations of President Donald Trump and President Xi Jinping repeatedly trading barbs over issues related to the pandemic, especially U.S. accusations of cover-ups and lack of transparency. ** The United States said on Friday it would add 33 Chinese firms and institutions to an economic blacklist for helping Beijing spy on its minority Uighur population or because of ties to weapons of mass destruction and China's military.

** Around the region, MSCI's Asia ex-Japan stock index firmed up 0.47%, while Japan's Nikkei index closed 1.73% higher. ** At 07:08 GMT, the yuan was quoted at 7.1379 per U.S. dollar, 0.1% weaker than the previous close of 7.131.

** As of 07:08 GMT, China's A-shares were trading at a premium of 27.08% over the Hong Kong-listed H-shares.


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