Healthcare shares lead Chinese stocks to end higher for 4th straight session

China stocks ended higher for the fourth straight session on Tuesday, led by healthcare shares as Beijing vowed policy support for the sector. The blue-chip CSI300 index closed 0.7 percent higher at 3,330.34, while the Shanghai Composite Index also gained 0.7 percent to 2,671.89 points. Both indexes posted their fourth session of gains in a row.

Healthcare stocks led the advance, with the CSI300 healthcare index climbing 3.0 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, including value-added tax break. Consumer stocks edged up, even as China said its consumption growth is "very likely" to slow further this year as the economy cools.  Around the region, MSCI's Asia ex-Japan stock index was firmer by 0.3 percent, while Japan's Nikkei index closed up 2.61 percent.

At 07:08 GMT, the yuan was quoted at 6.7752 per U.S. dollar, 0.25 percent firmer than the previous close of 6.792. The largest percentage gainers in the main Shanghai Composite index were Eastern Gold Jade Co Ltd, up 10.13 percent, followed by Sichuan Em Technology Co Ltd , gaining 10.13 percent and Nanjing Central Emporium Group Stocks Co Ltd, up by 10.11 percent. The biggest percentage losers in the Shanghai index were Hefei Changqing Machinery Co Ltd down 6.8 percent, followed by Qingdao Vland Biotech Co Ltd losing 4.29 percent and HangZhou Nbond Nonwovens Co Ltd down by 4.09 percent.

So far this year, the Shanghai stock index is up 7.1 percent and the CSI300 has risen 10.6 percent, while China's H-share index listed in Hong Kong is up 9.1 percent. Shanghai stocks have risen 3.38 percent this month. About 18.41 billion shares were traded on the Shanghai exchange, roughly 125.8 percent of the market's 30-day moving average of 14.63 billion shares a day. The volume in the previous trading session was 15.49 billion.

As of 07:09 GMT, China's A-shares were trading at a premium of 17.80 percent over the Hong Kong-listed H-shares. The price-to-earnings ratio of the Shanghai index was 11.21 as of the last full trading day, while the dividend yield was 2.8 percent. So far this week, the market capitalisation of the Shanghai stock index has risen by 1.49 percent to 28.81 trillion yuan. 

(With inputs from agencies.)