China shares snap rally as experimental vaccines stoke safety concerns

BEIJING/SHANGHAI: China stocks snapped a three-session rally to close lower on Wednesday, with consumer and healthcare shares leading losses, as experts were concerned over the safety of drugs used in experimental coronavirus vaccines in the country.

At the close, the Shanghai Composite index was down 0.36% at 3,283.92.

The blue-chip CSI300 index was down 0.66%, with its financial sector sub-index slipping 0.23%, while the real estate index closed 1% firmer.

Healthcare and consumer shares fell, with the consumer staples sector losing 1.81% and the healthcare sub-index down 1.83%.

Shanghai Fosun Pharmaceutical Group Co dropped 5% to the lowest in nearly two months, while index heavyweight Kweichow Moutai shed 1.9%.

The smaller Shenzhen index ended down 0.91% and the start-up board ChiNext Composite index was weaker by 1.555%.

China is inoculating tens of thousands of its citizens with experimental vaccines. Aiming to reduce the likelihood of a resurgence, the vaccines are also grabbing attention in the global scramble by governments to secure supplies, potentially helping reframe China's perceived role in the pandemic.