Comments
China stocks posted modest gains on Thursday morning, rebounding from three days of losses, as new data showed surprisingly strong exports and imports in October. At the midday break, the Shanghai Composite index was up 16.08 points or 0.61 per cent at 2,657.42.
China's blue-chip CSI300 index was up 0.68 per cent, with its financial sector sub-index higher by 1 per cent, consumer staples sector up 1.12 per cent, real estate index up 1.3 per cent and healthcare sub-index up 1.06 per cent.
Chinese H-shares listed in Hong Kong rose 1.19 per cent to 10,768.21, while the Hang Seng Index was up 0.96 per cent at 26,398.90. The smaller Shenzhen index was up 0.6 per cent and the start-up board ChiNext Composite index was higher by 0.46 per cent.
China had reported stronger-than-expected exports for October as shippers rushed goods to the United States ahead of higher tariff rates due to kick in at the start of next year. Import growth also came in above expectations, suggesting Beijing's efforts to cushion the cooling economy may be slowly starting to make themselves felt.
Around the region, MSCI's Asia ex-Japan stock index was firmer by 0.85 per cent, while Japan's Nikkei index was up 1.97 per cent. The yuan was quoted at 6.9316 per US dollar, 0.15 per cent weaker than the previous close of 6.9214.
The largest percentage gainers in the main Shanghai Composite index were Shanghai Sanmao Enterprise Group Co Ltd, up 10.05 per cent, followed by Luxin Venture Capital Group Co Ltd, gaining 10.04 per cent and Yongyue Science & Technology Co Ltd, up by 10.04 per cent.
The largest percentage losses in the Shanghai index were Eastern Gold Jade Co Ltd, down 10 per cent, followed by China Hainan Rubber Industry Group Co Ltd, losing 9.97 per cent and Jiangsu Hongtu High Technology Co Ltd , down by 6.19 per cent.
So far this year, the Shanghai stock index is down 20.13 per cent, while China's H-share index is down 9.1 per cent. Shanghai stocks have risen 1.48 per cent this month. Top gainers among H-shares were Byd Co Ltd, up 4.6 per cent, followed by CNOOC Ltd, gaining 3.46 per cent and China Gas Holdings Ltd, up by 3.35 per cent.
The three biggest H-shares percentage decliners were CSPC Pharmaceutical Group Ltd, down 1.70 per cent, Dongfeng Motor Group Co Ltd, down 1.6 per cent and Sinopharm Group Co Ltd, which is 1.2 per cent lower.
About 8.98 billion shares have traded so far on the Shanghai exchange, roughly 58.3 per cent of the market's 30-day moving average of 15.39 billion shares a day. The volume traded was 17.32 billion as of the last full trading day.
As of 04:15 GMT, China's A-shares were trading at a premium of 18.01 per cent over Hong Kong-listed H-shares. The Shanghai stock index is below its 50-day moving average and below its 200-day moving average.
The price-to-earnings ratio of the Shanghai index was 11.07 as of the last full trading day, while the dividend yield was 2.8 per cent. So far this week, the market capitalisation of the Shanghai stock index has fallen by 1.31 per cent to 28.25 trillion yuan ($4.08 trillion).
In Hong Kong, the sub-index of the Hang Seng index tracking energy shares rose 2.3 per cent, while the IT sector rose 1.9 per cent. The top gainer on Hang Seng was CNOOC Ltd, up 3.46 per cent, while the biggest loser was Sands China Ltd, which was down 2.96 per cent.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.