Stocks

China stocks end at fresh 2-year highs; start-up firms jump

Reuters Shanghai | Updated on January 25, 2018 Published on January 24, 2018

Investors talk in front of an electronic board showing stock informations at a brokerage house in Kaifeng, Henan province, April 9, 2015. China stocks lost ground on Thursday, as mainland investors rushed to buy relatively cheaper Hong Kong shares, but some key sectors such as property found support from bargain hunters. REUTERS/China DailyCHINA OUT. NO COMMERCIAL OR EDITORIAL SALES IN CHINA   -  Reuters

China stocks extended their climb on Wednesday, with the main indexes reaching new two-year peaks and one for start-up firms having its best day in five months. At the close, the Shanghai Composite index was up 14.23 points or 0.4 per cent at 3,560.73.

The blue-chip CSI300 index was up 0.19 per cent, with its financial sector sub-index higher by 0.44 per cent, the consumer staples sector down 1.46 per cent, the real estate index down 0.29 per cent and healthcare sub-index up 0.62 per cent. The smaller Shenzhen index ended up 0.51 per cent and the start-up board ChiNext Composite index was higher by 2.57 per cent.

Around the region, MSCI's Asia ex-Japan stock index was weaker by 0.06 per cent, while Japan's Nikkei index closed down 0.76 per cent. At 07:02 GMT, the yuan was quoted at 6.3942 per US dollar, 0.22 per cent firmer than the previous close of 6.4084.

The largest percentage gainers in the main Shanghai Composite index were Shandong Lukang Pharmaceutical Co Ltd up 8.66 per cent, followed by CITIC Securities Co Ltd gaining 8.11 per cent and Shanghai Baosight Software Co Ltd up by 7.77 per cent.

The largest percentage losses in the Shanghai index were Tibet Tourism Co Ltd down 5.91 per cent, followed by Fujian Longking Co Ltd losing 5.37 per cent and Jiangsu Protruly Vision Technology Group Co Ltd down by 5.06 per cent. So far this year, the Shanghai stock index is up 7.24 per cent, the CSI300 is up 8.9 per cent, while China's H-share index listed in Hong Kong is up 15.2 per cent.

About 25.30 billion shares were traded on the Shanghai exchange, roughly 142.0 per cent of the market's 30-day moving average of 17.82 billion shares a day. The volume in the previous trading session was 23.87 billion. As of 07:03 GMT, China's A-shares were trading at a premium of 28.14 per cent over the Hong Kong-listed H-shares.

The Shanghai stock index is above its 50-day moving average and above its 200-day moving average. The price-to-earnings ratio of the Shanghai index was 16.14 as of the last full trading day while the dividend yield was 1.8 per cent. So far this week, the market capitalisation of the Shanghai stock index has risen by 1.87 per cent to 31.21 trillion yuan.

Published on January 24, 2018
null
This article is closed for comments.
Please Email the Editor