China stocks close lower; Wuxi Apptec drags down Hong Kong shares
** Gaming and semi-conductor shares dropped 3.2% and 1.6%, respectively. ** Howver, the CSI 300 Healthcare Index rose as much as 3.6% in early trade on market talks of potential policy support for China's biotech sector.
China stocks ended lower on Thursday, led by declines in gaming and semiconductor stocks while Hong Kong shares fell, dragged by Wuxi Apptec, as concerns over geopolitical risks persisted.
** China's blue-chip CSI300 Index and the Shanghai Composite Index closed down 0.3% and 0.2%, respectively. Hong Kong's benchmark Hang Seng Index dipped 0.7%. ** Gaming and semi-conductor shares dropped 3.2% and 1.6%, respectively.
** Howver, the CSI 300 Healthcare Index rose as much as 3.6% in early trade on market talks of potential policy support for China's biotech sector. ** Shares of China's pharmaceutical giant Hengrui and biotech company Beigene jumped 5.3% and 8.0%, respectively.
** Shares of clinical trials and contract research firms also rose, with Tigermed Consulting up to a maximum of 20%. ** In contrast to the broad healthcare stocks' rally, sentiment over Wuxi Apptec and Wuxi Biologics weakened further as a U.S.-based biotech trade association is taking steps to "separate" from Chinese member Wuxi AppTec, sending both stocks down more than 12%.
** Meanwhile, Chinese top copper smelters on Wednesday came to a rare agreement to jointly embark on production cuts at some loss-making plants as they seek to cope with a shortage of raw material, according to sources with knowledge of the plans. ** The CSI Non-ferrous Metal Index and Hang Seng Composite Materials Index rose as much as 3.9% and 5.9%, respectively.
** Foreign capital net buying via the northbound link of the Stock Connect programme logged 6.4 billion yuan ($889.74 million), marking the fifth consecutive session of inflows. ** Analysts at HSBC said in a note that current cheap valuations, low foreign participation rate, and policy stimulus are among the reasons that would attract foreign investors to China's onshore shares.
($1 = 7.1931 Chinese yuan renminbi)
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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