China stocks recover as supportive measures offset trade worries
** The blue-chip CSI300 index rose 0.3 percent to end at 3,193.97, while the Shanghai Composite Index ended roughly flat at 2,594.25 points. ** Investor sentiment, already shaken by pessimism over global growth, took another hit after the U.S. Justice Department unsealed indictments against China's top telecom equipment maker Huawei, accusing it of bank and wire fraud to evade Iran sanctions and conspiring to steal trade secrets from T-Mobile US Inc. ** But market mood was aided by Beijing's fresh measures to support the economy, and the market. The country's state planner on Tuesday unveiled a flurry of measures aimed at spurring sales of items ranging from cars and appliances to information services.
** In addition, China's insurance regulators encouraged insurers to buy more stocks and bonds, while the country's securities watchdog put out a statement at lunch time denying a rumour that the key task for the regulator in 2019 is to promote the mechanism for short-selling. ** The CSI300 financial sector sub-index was higher by 0.58 percent, while the healthcare sub-index rose 0.72 percent. ** The smaller Shenzhen index ended down 1.11 percent and the start-up board ChiNext Composite index was weaker by 1.282 percent. ** Around the region, MSCI's Asia ex-Japan stock index was weaker by 0.28 percent, while Japan's Nikkei index closed up 0.08 percent. ** At 07:19 GMT, the yuan was quoted at 6.7379 per U.S. dollar, 0.11 percent firmer than the previous close of 6.745. ** The largest percentage gainers on the main Shanghai Composite index were shares of Beijing Hualian Hypermarket Co Ltd , up 10.07 percent, followed by Nanning Department Store Co Ltd, gaining 10.05 percent and Anhui Quanchai Engine Co Ltd, up by 9.97 percent. ** The largest percentage losers on the Shanghai index were shares of Gansu Ronghua Industry Group Co Ltd down 10.09 percent, followed by Zhejiang Feida Environmental Science & Technology Co Ltd losing 10.07 percent and Shanghai Xinhua Media Co Ltd down by 10.07 percent. (Reporting by Shanghai Newsroom; Editing by Rashmi Aich)
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
Download The Devdiscourse News App for Latest News.