2.7 C
New York
Thursday, April 22, 2021

China stocks close mixed; tech shares gain but material stocks weigh

Must read

BEIJING: China stocks closed mixed on Wednesday as tech shares gained but material and energy shares weighed. At the close, the Shanghai Composite index was down 0.17 per cent at 3,404.80, while the blue-chip CSI300 index was up 0.04 per cent.

The material sub-index dropped 1.19 per cent, while the energy sub-index fell 0.98 per cent. The banking sub-index slid 0.59 per cent, as the first-half profit fall in some of the biggest lenders weighed.

The smaller Shenzhen index was up 0.18 per cent, the start-up board ChiNext Composite index was higher by 0.37 per cent, adding gains to its previous rally.

The ChiNext gained 4.8 per cent last week for its best weekly gain in a month, and 0.5 per cent more so far this week, as investors cheered the latest reform and relaxation of the bourse’s listing and trading rules.

The U.S. Trade Representative’s office said it extended China tariff exclusions for a several goods, including smart watches and certain medical masks, through the end of 2020, rather than renewing the previous one-year extensions.

Shanghai shares of YTO Express Group Co surged by 10 per cent daily limit on Wednesday after Alibaba Group said it plans to purchase a 12 per cent stake in the Chinese courier company for 6.6 billion yuan.

Around the region, MSCI‘s Asia ex-Japan stock index was firmer by 0.89 per cent, while Japan’s Nikkei index closed up 0.47 per cent.

At 07:24 GMT, the yuan was quoted at 6.8267 per U.S. dollar, 0.01 per cent firmer than the previous close of 6.8275.

- Advertisement -

Latest article