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China shares close lower as tech, healthcare drag

01/21/2022 | 02:32am EDT

* SSEC -0.91%, CSI300 -0.92%

* Health care firms slump on generic COVID pill deal

* China anti-graft watchdog to probe platform monopolies

* China to cut SLF rates in latest easing move -sources

SHANGHAI, Jan 21 (Reuters) - Chinese shares fell on Friday as technology firms slid following a watchdog's fresh vow to crack down on corruption among internet platforms, while a U.N.-backed deal to produce cheap versions of a COVID-19 pill weighed on healthcare firms.

** At the close, the Shanghai Composite index was down 0.91% at 3,522.57.

** The blue-chip CSI300 index was down 0.92%, with its financial sector sub-index lower by 0.56%, the real estate index down 0.97% and the healthcare sub-index down 2.43%.

** Nearly 30 generic drugmakers in Asia, Africa and the Middle East will make cheap versions of Merck & Co's COVID-19 pill, under a landmark U.N.-backed deal to give poorer nations wider access to a drug seen as a weapon in fighting the pandemic.

** The CSI Info Tech index fell 1.48% after China's anti-graft watchdog pledged to investigate and punish any corrupt behaviour found behind internet platform monopolies as part of a focus on "new challenges and new situations" in its corruption crackdown.

** Broad investor sentiment remains fragile amid signs of slowing growth in the world's second-largest economy.

** In the latest indication of easing moves to combat a slowing economy, sources told Reuters that China's central bank will cut interest rates on its standing lending facility loans for all tenors on Friday.

** The smaller Shenzhen index ended down 1.45% and the start-up board ChiNext Composite index was weaker by 1.021%.

** Around the region, MSCI's Asia ex-Japan stock index was weaker by 1.13%, while Japan's Nikkei index closed down 0.9%.

** At 0700 GMT, the yuan was quoted at 6.3416 per U.S. dollar unchanged from its late session close on Thursday.

(Reporting by Andrew Galbraith)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / CHINESE YUAN RENMINBI (AUD/CNY) 0.47% 4.770741 Delayed Quote.2.62%
BRITISH POUND / CHINESE YUAN RENMINBI (GBP/CNY) 0.42% 8.463937 Delayed Quote.-2.92%
CANADIAN DOLLAR / CHINESE YUAN RENMINBI (CAD/CNY) 0.58% 5.251 Delayed Quote.3.28%
DOW JONES AFRICA TITANS 50 INDEX 0.10% 506.49 Real-time Quote.-5.57%
EURO / CHINESE YUAN RENMINBI (EUR/CNY) 0.62% 7.1955 Delayed Quote.-1.14%
INDIAN RUPEE / CHINESE YUAN RENMINBI (INR/CNY) 0.54% 0.086804 Delayed Quote.0.68%
NIKKEI 225 -0.27% 26604.84 Real-time Quote.-7.10%
S&P AFRICA 40 INDEX 0.41% 162.4 Real-time Quote.-6.89%
S&P/CITIC 300 INDEX 0.27% 3643.8 Real-time Quote.-19.54%
S&P/CITIC 50 INDEX 0.03% 3468.01 Real-time Quote.-17.59%
SHENZHEN STOCK EXCHANGE A SHARE INDEX 0.53% 2045.4 Real-time Quote.-23.15%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) 0.78% 6.75918 Delayed Quote.4.73%
US DOLLAR / CHINESE YUAN RENMINBI (USD/CNY) 0.54% 6.729 Delayed Quote.4.75%
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