- Shanghai stocks higher, blue-chip CSI300 index up
- Gains in Shanghai stocks led by Sichuan Hebang Biotechnology Co Ltd and losses by Cangzhou Dahua Co Ltd. China’s A-shares are at a 39.14% premium over H-shares.
SHANGHAI, July 22 (Reuters) - China shares rose on Thursday as gains in financials and materials firms outweighed losses in healthcare stocks, and as foreign investors extended net buying of A-shares through the Stock Connect scheme into a fourth consecutive day.
- At the close, the Shanghai Composite index was up 0.34% at 3,574.73.
- The blue-chip CSI300 index was up 0.15%, with its financial sector sub-index higher 1.12%, the CSI all share materials gaining 2.35% and the real estate index up 1.38%.
- The healthcare sub-index slumped 3.64% after three days of strong gains.
- Sentiment in the property sector was boosted after developer China Evergrande Group said it had solved legal disputes with China Guangfa Bank and that the two sides would deepen business cooperation, easing investor concerns that sparked a three-day sell-off.
- Refinitiv data showed foreign investors were net buyers of A-shares through the Northbound leg of the Stock Connect programme , the fourth straight day of net purchases.
- The smaller Shenzhen index ended up 0.45% and the start-up board ChiNext Composite index was weaker by 0.438%.
- Around the region, MSCI’s Asia ex-Japan stock index was firmer by 1.21%, while Japan’s Nikkei index ended up 0.58%. ** At 07:22, the yuan was quoted at 6.4652 per U.S. dollar, 0.05% firmer than the previous close of 6.4685.
- So far this year, the Shanghai stock index is up 2.9% and the CSI300 has fallen 1.1%, while China’s H-share index listed in Hong Kong is down 7%. Shanghai stocks have declined 0.46% this month.
(Reporting by Shanghai Newsroom; editing by Vinay Dwivedi)