China stocks rise for 3rd day, material firms lead
Reuters|
Mar 12, 2018, 01.42 PM IST
SHANGHAI: China stocks climbed for a third straight session on Monday, led by material firms, as trade war fears ebbed further and after a US jobs report eased worries of inflation and faster rate hikes.
At the close, the Shanghai Composite index was up 0.6 per cent at 3,326.70, while blue-chip CSI300 index was up 0.5 per cent 4,127.67.
Inflation worries faded on Friday after US data showed nonfarm payrolls jumped by 313,000 jobs last month, but annual growth in average hourly earnings slowed to 2.6 per cent after a spike in January.
Trade war fears also ebbed further as the United States opened the way for more exemptions from its steel and aluminium tariffs on Friday, after pressure from allies and intense lobbying from lawmakers.
An index tracking major material firms, including steel and aluminium makers, gained 2 per cent on Monday.
Start-up firms extended advance, as investors continued to favour tech firms seen as drivers for China's "new economy" as Beijing attaches more importance to the quality of the country's economic growth.
The start-up board ChiNextP closed up 1.4 per cent at a four-month high, having gained 7.4 per cent so far this year, far outperforming the Shanghai index and the blue-chip index. ** Brokerage shares rose, after Beijing published rules allowing foreign control.
Banking sector slid, as China steps up scrutiny of bank shareholders, ordering shareholders that have acquired more than 5 per cent stakes in commercial banks through the use of financial products to reduce their holdings within a year.
The largest per centage gainers in the main Shanghai Composite index were Shanghai U9 Game Co Ltd up 10.05 per cent, followed by Zhejiang Chint Electrics Co Ltd gaining 10.02 per cent and Jiangsu Phoenix Property Investment Co Ltd up by 10 per cent.
The largest per centage losses in the Shanghai index were Shanghai Fukong Interactive Entertainment Co Ltd down 9.99 per cent, followed by China Fortune Land Development Co Ltd losing 5.1 per cent and Poly Real Estate Group Co Ltd down by 4.52 per cent.
As of 07:10 GMT, China's A-shares were trading at a premium of 25.77 per cent over the Hong Kong-listed H-shares.
At the close, the Shanghai Composite index was up 0.6 per cent at 3,326.70, while blue-chip CSI300 index was up 0.5 per cent 4,127.67.
Inflation worries faded on Friday after US data showed nonfarm payrolls jumped by 313,000 jobs last month, but annual growth in average hourly earnings slowed to 2.6 per cent after a spike in January.
Trade war fears also ebbed further as the United States opened the way for more exemptions from its steel and aluminium tariffs on Friday, after pressure from allies and intense lobbying from lawmakers.
An index tracking major material firms, including steel and aluminium makers, gained 2 per cent on Monday.
Start-up firms extended advance, as investors continued to favour tech firms seen as drivers for China's "new economy" as Beijing attaches more importance to the quality of the country's economic growth.
The start-up board ChiNextP closed up 1.4 per cent at a four-month high, having gained 7.4 per cent so far this year, far outperforming the Shanghai index and the blue-chip index. ** Brokerage shares rose, after Beijing published rules allowing foreign control.
Banking sector slid, as China steps up scrutiny of bank shareholders, ordering shareholders that have acquired more than 5 per cent stakes in commercial banks through the use of financial products to reduce their holdings within a year.
The largest per centage gainers in the main Shanghai Composite index were Shanghai U9 Game Co Ltd up 10.05 per cent, followed by Zhejiang Chint Electrics Co Ltd gaining 10.02 per cent and Jiangsu Phoenix Property Investment Co Ltd up by 10 per cent.
The largest per centage losses in the Shanghai index were Shanghai Fukong Interactive Entertainment Co Ltd down 9.99 per cent, followed by China Fortune Land Development Co Ltd losing 5.1 per cent and Poly Real Estate Group Co Ltd down by 4.52 per cent.
As of 07:10 GMT, China's A-shares were trading at a premium of 25.77 per cent over the Hong Kong-listed H-shares.