China shares end higher on consumer, healthcare boost

  • Markets
  • Monday, 10 Jan 2022

SHANGHAI: Chinese shares ended higher on Monday, lifted by gains in consumer and healthcare firms, while Shanghai's tech-focussed STAR Market rebounded as investors latched on to expectations of deeper reforms and improved liquidity.

At the close, the Shanghai Composite index was up 0.39% at 3,593.52.

The blue-chip CSI300 index was up 0.45%, the consumer staples sector rose 0.88% and the healthcare sub-index climbed 1.08%.

Shanghai's STAR Market ended 0.98% higher, climbing from near eight-month lows, after China's securities regulator said it would pilot market-making on the Nasdaq-style market.

STAR, set up in 2019 to fund China's technical innovation, currently hosts 379 listed companies worth a total of 5.3 trillion yuan ($831.57 billion) in market value.

The real-estate sub-index jumped 1.45%, reflecting continued volatility among developers' shares amid ongoing investor concerns over debt and liquidity risks in the sector.

Developer Shimao Group Holdings has put all of its real-estate projects on sale, including both residential and commercial properties, as the cash-strapped Chinese property developer accelerates asset disposals, Caixin reported.

Shimao Group unit Shanghai Shimao rose by the 10% daily limit on Monday.

Shares in China Life Insurance Co fell 1.74% in Shanghai after China's Central Commission for Discipline Inspection (CCDI) said it had placed the company's Chairman Wang Bin under investigation.

The smaller Shenzhen index ended 0.44% higher and the start-up board ChiNext Composite index was flat.

Around the region, MSCI's Asia ex-Japan stock index was firmer by 0.58%, while Japan's Nikkei index edged down 0.03%.

At 0700 GMT, the yuan was quoted at 6.3724 per U.S. dollar, 0.07% firmer than the previous close of 6.377. - Reuters

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Shanghai Composite index , CSI300 , MSCI


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