China’s Leading Stock Closes Higher

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NUSADAILY.COM -BEIJING – China’s leading stocks closed higher Wednesday, a day after hitting their lowest level in nearly three months, though gains were limited by continued concerns over possible policy tightening as the economy has recovered.

The blue-chip CSI300 ended 0.66 percent higher, led by a 2.63 percent surge in the health care sub-index and a 1.94 percent gain in the consumer staples sector.

The financial sector sub-index was 0.61 percent lower, while the real estate index fell 1.06 percent.

The Shanghai Composite Index closed down 0.05 percent to 3,357.74.

The smaller Shenzhen index ended up 0.21 percent and the ChiNext Composite index of start-up stocks rose 1.642 percent.

The price of Chinese factory products in February rose at the fastest pace since November 2018 as manufacturers raced to meet export orders, raising expectations for strong growth in the world’s second-largest economy by 2021.

On Tuesday, China’s benchmark Shanghai Composite index was on the brink of a correction as investors struggled with the prospect of tighter policy and a slowing economic recovery.

Across the region, the MSCI Asia stock index excluding Japan gained 0.19 percent, while Japan’s Nikkei index closed up 0.03 percent.

At 0709 GMT, the yuan was quoted at 6.508 per US dollar, 0.01 percent stronger than the previous close at 6.5084. (sak)