China shares edge higher, healthcare stocks jump on vaccine hopes

China shares inched higher on Tuesday, supported by strong gains in healthcare stocks on rising hopes for a coronavirus vaccine, although profit-taking after the previous session's rally kept gains in check. ** So far this year, the Shanghai stock index is up 8.66%, while China's H-share index is down 7.8%.


Reuters | Beijing | Updated: 21-07-2020 10:46 IST | Created: 21-07-2020 10:33 IST
China shares edge higher, healthcare stocks jump on vaccine hopes
Representative Image Image Credit: Piqsels
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China shares inched higher on Tuesday, supported by strong gains in healthcare stocks on rising hopes for a coronavirus vaccine, although profit-taking after the previous session's rally kept gains in check.

** At the midday break, the Shanghai Composite index was up 0.07% at 3,316.56, after a 3.1% gain on Monday. The blue-chip CSI300 index also rose 0.07%.

** Healthcare shares outperformed the broader market amid rising global hopes for coronavirus vaccines following promising studies. A sub-index tracking the sector jumped 2.78%.

** The smaller Shenzhen index was up 0.27% and the start-up board ChiNext Composite index was higher by 0.76%.

** Hong Kong shares rose, as news of promising vaccine studies and progress by European Union leaders in reaching a deal on a massive stimulus plan lifted global risk appetite.

** Chinese H-shares listed in Hong Kong rose 1.27% to 10,426.11, while the Hang Seng Index was up 1.88% at 25,529.02.

** E-commerce giant Alibaba Group Holding's Hong Kong shares jumped 6.59% after Ant Group, its fintech arm, said it has started the process of a dual listing in Hong Kong and on Shanghai's Nasdaq-style Star Market.

** Hong Kong shares shrugged off concerns over rising political tensions between China and the United Kingdom after Britain announced it would suspend its extradition treaty with Hong Kong.

** Around the region, MSCI's Asia ex-Japan stock index was firmer by 1.76% while Japan's Nikkei index was up 0.78%.

** The yuan was quoted at 6.9936 per U.S. dollar, 0.03% weaker than the previous close of 6.9915.

** So far this year, the Shanghai stock index is up 8.66%, while China's H-share index is down 7.8%. Shanghai stocks have risen 11.04% this month.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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