China stocks have best day in more than 18 months

Business Thursday 22/February/2018 13:04 PM
By: Times News Service
China stocks have best day in more than 18 months

Shanghai: China's major stock indexes scored their best single-day gains in more than 18 months, as investors played catch-up buying after the week-long Lunar New Year holiday. The rally was led by consumer and transport firms seen benefiting from the long break when locals splashed out more on trips and consumer goods.
At the close, the Shanghai Composite index was up 69.57 points or 2.17 per cent at 3,268.73, its best single-day gain since August 2016.
The blue-chip CSI300 index was up 2.17 per cent, also its best day since August 2016, with its financial sector sub-index higher by 1.73 per cent, the consumer staples sector up 4.19 per cent, the real estate index up 1.79 per cent and healthcare sub-index up 1.22 per cent.
The smaller Shenzhen index ended up 1.89 per cent and the start-up board ChiNext Composite index was higher by 1.88 per cent.
Around the region, MSCI's Asia ex-Japan stock index down 0.88 per cent while Japan's Nikkei index closed 1.07 per cent lower.
At 07:00 GMT, the yuan was quoted at 6.3541 per U.S. dollar, 0.14 per cent weaker than the previous close of 6.345.
The largest percentage gainers in the main Shanghai Composite index were Qingdao Tianhua Institute of Chemistry Engineering Co Ltd up 10.05 per cent, followed by Air China Ltd gaining 10.03 per cent and Heilan Home Co Ltd up by 10.03 per cent.
The largest percentage losses in the Shanghai index were Dongfang Electric Corp Ltd down 1.97 per cent, followed by Shanghai Hongda Mining Co Ltd losing 1.74 per cent and Henan Ancai Hi-tech Co Ltd down by 1.71 per cent.
So far this year, the Shanghai stock index is down 3.27 per cent, the CSI300 is up 0.6 per cent this year, while China's H-share index listed in Hong Kong is up 8.3 per cent. Shanghai stocks have declined 8.09 per cent this month.
About 13.87 billion shares were traded on the Shanghai exchange, roughly 64.3 per cent of the market's 30-day moving average of 21.57 billion shares a day.
As of 07:01 GMT, China's A-shares were trading at a premium of 27.66 per cent over the Hong Kong-listed H-shares.
The Shanghai stock index is below its 50-day and 200-day moving average.
The price-to-earnings ratio of the Shanghai index was 14.68 as of the last full trading day while the dividend yield was two per cent.