China stocks end higher as investors eye fresh stimulus

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China shares ended firmer on Thursday as investors anticipated further policy support from the ongoing Chinese parliamentary meeting,

China stocks end higher as investors eye fresh stimulus

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but gains were curbed amid a standoff between Washington and Beijing over a new Hong Kong security law.

** At the close, the Shanghai Composite index ended up 0.3% at 2,846.22. ** The blue-chip CSI300 index was up 0.3%, with its financial sector sub-index higher by 1.3%, the consumer staples sector down 0.1%, the real estate index up 0.6% and the healthcare sub-index down 1.5%. ** The smaller Shenzhen index closed 0.3% lower and the start-up board ChiNext Composite index was weaker by 0.8%.

** Investors are waiting for policymakers to flesh out signals of support, especially for sectors such as real estate and infrastructure, said Linus Yip, chief strategist from First Shanghai Securities.

** Chinese premier Li Keqiang will speak at a press conference in Beijing later in the day as the annual parliamentary meeting wraps up. ** Shortly after the market close, China’s parliament approved directly imposing national security legislation on Hong Kong to tackle secession, subversion, terrorism and foreign interference in a city roiled last year by months of anti-government protests. ** U.S. Secretary of State Mike Pompeo said China’s decision to impose laws in Hong Kong was “only the latest in a series of actions that fundamentally undermine” the city’s autonomy and freedom.

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** The yuan was 0.19% stronger at 7.1547 per U.S. dollar at 0722 GMT. Offshore yuan hit a record low overnight. ** So far this year, the Shanghai stock index is down 6.7% and the CSI300 has fallen 5.9%. Shanghai stocks have declined 0.5% this month. ** About 20.76 billion shares were traded on the Shanghai exchange. The volume in the previous trading session was 19.8 billion. (Reporting by Noah Sin, Editing by Sherry Jacob-Phillips)

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Source : Reuters | Photocredit : Google

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