UBS China head Eugene Qian expressed concern about the cutthroat competition that keeps dragging down prices and threatening profitability.
SHANGHAI: China stocks rose on Thursday, joining a rally in broader Asian markets, after the U.S. Federal Reserve pledged to be patient with further interest rate hikes, signalling a potential end to its tightening cycle amid signs of slowing global growth.
The blue-chip CSI300 index rose 1.1 percent, to 3,201.63, while the Shanghai Composite Index gained 0.4 percent to 2,584.57 points.
But Shenzhen’s start-up board ChiNext dipped 0.2 percent, after the China Securities Regulatory Commission published draft rules for a new tech board in Shanghai on Wednesday evening. The so-called technology innovation board will mainly host companies in technology and emerging sectors, such as high-tech equipment manufacturing, new energy, biotechnology, big data and cloud computing.
The CSI300 financial sector sub-index was higher by 1.86 percent, and the healthcare sub-index was up 0.19 percent.
Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.77 percent, while Japan’s Nikkei index closed up 1.06 percent.
At 07:24 GMT, the yuan was quoted at 6.7006 per U.S. dollar, 0.22 percent firmer than the previous close of 6.7156.
The largest percentage gainers on the main Shanghai Composite index were Shanghai Shenhua Holdings Co Ltd, up 9.9 percent, followed by Hengdian Entertainment Co Ltd, gaining 7.71 percent, and Guangdong Ellington Electronics Technology Co Ltd, up by 7.26 percent.
The largest percentage losers on the Shanghai index were Beijing Huaye Capital Holdings Co Ltd, down 10.18 percent, followed by Kingswood Enterprise Co Ltd, losing 10.16 percent, and Xiamen XGMA Machinery Co Ltd , down by 10.14 percent. - Reuters
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