China's major stock indexes extend robust run-up led by healthcare sector


Devdiscourse News Desk | Updated: 12-02-2019 10:08 IST | Created: 12-02-2019 09:54 IST
China's major stock indexes extend robust run-up led by healthcare sector
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China's major stock indexes extended a robust run-up on Tuesday, led by healthcare shares as Beijing vowed policy support for the sector. The CSI300 index rose 0.9 percent to 3,334.45 at the end of the morning session, while the Shanghai Composite Index gained 0.7 percent to 2,673.13. Both indexes were set for a fourth session of gains in a row.

Healthcare stocks led the gains, with the CSI300 healthcare index rising 3.4 percent to a two-month high. In the latest state council meeting, Chinese premier Li Keqiang vowed policy support to the prevention and treatment of cancers and rare diseases. In Hong Kong, the Hang Seng index rose 0.2 percent to 28,188.14, while the Hong Kong China Enterprises Index gained 0.4 percent to 11,063.37. Around the region, MSCI's Asia ex-Japan stock index was firmer by 0.29 percent while Japan's Nikkei index was up 2.62 percent.

The yuan was quoted at 6.7876 per U.S. dollar, 0.06 percent firmer than the previous close of 6.792. The top percentage gainers in the main Shanghai Composite index were Eastern Gold Jade Co Ltd, up 10.13 percent, followed by Lanzhou Greatwall Electrical Co Ltd , gaining 10.05 percent and Irico Display Devices Co Ltd, up by 10.02 percent. The big percentage losers in the Shanghai index were Hefei Changqing Machinery Co Ltd, down 6 percent, followed by HangZhou Nbond Nonwovens Co Ltd, losing 5.45 percent and Shanghai Hongda Mining Co Ltd, down by 3.16 percent. So far this year, the Shanghai stock index is up 6.42 percent, while China's H-share index is up 8.8 percent. Shanghai stocks have risen 2.68 percent this month.

The top gainers among H-shares were CSPC Pharmaceutical Group Ltd, up 5.3 percent, followed by Great Wall Motor Co Ltd, gaining 4.36 percent and Postal Savings Bank of China Co Ltd, up by 4.34 percent. The three biggest H-shares percentage decliners were China Vanke Co Ltd, which has fallen 1.79 percent, Air China Ltd, which has lost 1.7 percent and Shenzhou International Group Holdings Ltd, down by 1.6 percent.

 About 10.90 billion shares have traded so far on the Shanghai exchange, roughly 74.5 percent of the market's 30-day moving average of 14.63 billion shares a day. The volume traded was 15.49 billion as of the last full trading day. As of 04:01 GMT, China's A-shares were trading at a premium of 17.27 percent over the Hong Kong-listed H-shares.

(With inputs from agencies.)

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