China stocks end lower as investors book profits in EV, healthcare firms

SHANGHAI: China stocks ended lower on Wednesday, dragged down by electric vehicle makers and healthcare firms as investors booked profits, while worries over a slowing economy also weighed on market sentiment. At the close, the Shanghai Composite index was down 0.33% at 3,558.18 and the blue-chip CSI300 index was down 0.68%.

Leading the losses, the healthcare sub-index fell 2.78% and the new energy vehicle sector lost 3.7%. The smaller Shenzhen index ended down 0.92% and the start-up board ChiNext Composite index was weaker by 2.174%.

Shares of Chinese real estate developers surged after the country's central bank pledged to roll out more policy measures to stabilise the economy.

Dalian iron ore jumped nearly 5%, leading ferrous materials' rebound in top steel producer China following three sessions of losses, on bets of more policy easing.

Expectations of easing from the People's Bank of China while bracing for tighter U.S. monetary policy "will spur traders to punt on rates-sensitive assets such as commodities and bonds," Hong Hao, head of research at BOCOM International, wrote in a research note.

Around the region, MSCI's Asia ex-Japan stock index was weaker by 0.7%, while Japan's Nikkei index closed down 2.8%. At 07:16 GMT, the yuan was quoted at 6.3497 per U.S. dollar, 0.06% firmer than the previous close of 6.3537.