China stocks close mixed; tech shares gain but material stocks weigh

China stocks closed mixed on Wednesday as tech shares gained but material and energy shares weighed. ** At the close, the Shanghai Composite index was down 0.17% at 3,404.80, while the blue-chip CSI300 index was up 0.04%. ** The material sub-index dropped 1.19%, while the energy sub-index fell 0.98%.

China stocks closed mixed on Wednesday as tech shares gained but material and energy shares weighed. ** At the close, the Shanghai Composite index was down 0.17% at 3,404.80, while the blue-chip CSI300 index was up 0.04%.

** The material sub-index dropped 1.19%, while the energy sub-index fell 0.98%. The banking sub-index slid 0.59%, as the first-half profit fall in some of the biggest lenders weighed. ** The smaller Shenzhen index was up 0.18%, the start-up board ChiNext Composite index was higher by 0.37%, adding gains to its previous rally.

** The ChiNext gained 4.8% last week for its best weekly gain in a month, and 0.5% more so far this week, as investors cheered the latest reform and relaxation of the bourse's listing and trading rules. ** The U.S. Trade Representative's office said it extended China tariff exclusions for a several goods, including smart watches and certain medical masks, through the end of 2020, rather than renewing the previous one-year extensions.

** Shanghai shares of YTO Express Group Co surged by 10% daily limit on Wednesday after Alibaba Group said it plans to purchase a 12% stake in the Chinese courier company for 6.6 billion yuan. ** Around the region, MSCI's Asia ex-Japan stock index was firmer by 0.89%, while Japan's Nikkei index closed up 0.47%.

** At 07:24 GMT, the yuan was quoted at 6.8267 per U.S. dollar, 0.01% firmer than the previous close of 6.8275.