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China shares rise driven by consumer, healthcare stocks; Hang Seng slips

10/27/2020 | 11:44pm EST

* SSEC 0.2%, CSI300 0.6%, HSI -0.3%

* HK->Shanghai Connect daily quota used -1.2%, Shanghai->HK daily quota used 6.1%

* FTSE China A50 +0.5%

BEIJING/SHANGHAI, Oct 28(Reuters) - China stocks rose on Wednesday, led by gains in consumer and healthcare companies, as sentiment was lifted by hopes of a speedy economic recovery from the COVID-19 pandemic. ** At the midday break, the Shanghai Composite index was up 0.16% at 3,259.60 points. ** The blue-chip CSI300 index was up 0.55%. The consumer staples sector jumped 2.55% and the healthcare sub-index gained 0.84%. ** The smaller Shenzhen index was up 0.3%. The start-up board ChiNext Composite index rose 0.51% and Shanghai's tech-focused STAR50 index jumped 1.21%. ** Mainland shares are accumulating momentum this week as investors are expecting further economic recovery and new listings of fintech shares such as Alibaba's Ant Group , said Yang Delong, investment manager at First Seafront Fund Management Co. ** A Reuters poll forecast China's fourth-quarter GDP rising 5.8% year-on-year, up from 4.9% reported in the July-September period as economic recovery accelerated in the third quarter after consumers shook off their coronavirus caution. ** Hong Kong's aggregate balance, an indicator of Hong Kong dollar liquidity, will hit an all-time high on Oct. 29 as the Ant IPO attracts cash into the financial hub. Ant Group is looking to raise up to $34.4 billion in Hong Kong and Shanghai. ** Markets liquidity will be tested by the upcoming blockbuster Ant IPO and investors are likely to lock in more profits from blue-chip property and financial shares, said Zhang Qi, analyst with Haitong Securities Co. ** Investors shrugged off news of a resurgence in coronavirus infections in the northwestern Xinjiang region. China reported 42 new COVID-19 cases on Oct. 27, the highest daily toll in more than two months. ** Chinese H-shares listed in Hong Kong fell 0.35% to 9,968.41, while the Hang Seng Index was down 0.24% at 24,727.20. ** Around the region, MSCI's Asia ex-Japan stock index was firmer by 0.14%, while Japan's Nikkei index was down 0.31%.

(Reporting by Cheng Leng in Beijing, Luoyan Liu and Andrew Galbraith in Shanghai; Editing by Amy Caren Daniel)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
ANHUI HELI CO., LTD. 0.19% 16.11 End-of-day quote.65.57%
CHINA GEZHOUBA GROUP CO., LTD. -0.29% 6.79 End-of-day quote.1.65%
CHINA GRAND AUTOMOTIVE SERVICES GROUP CO., LTD. -1.17% 3.39 End-of-day quote.3.99%
CHINA RESOURCES BEER (HOLDINGS) COMPANY LIMITED 0.95% 63.65 End-of-day quote.47.68%
CHINA UNICOM (HONG KONG) LIMITED -1.72% 4.57 End-of-day quote.-37.74%
FUJIAN KUNCAI MATERIAL TECHNOLOGY CO., LTD. 1.48% 41.91 End-of-day quote.155.70%
HAITONG SECURITIES CO., LTD. -1.47% 13.44 End-of-day quote.-13.07%
HANG SENG 0.39% 26804.06 Real-time Quote.-4.92%
MEITUAN DIANPING 4.64% 288.6 End-of-day quote.183.22%
MSCI AC ASIA EX JAPAN (STRD, UHD) 0.96% 816.968 Real-time Quote.17.57%
NIKKEI 225 -0.22% 26751.24 Real-time Quote.13.33%
PICC PROPERTY AND CASUALTY COMPANY LIMITED 2.22% 6.44 End-of-day quote.-31.42%
S&P/CITIC 300 INDEX 0.40% 4403.46 Delayed Quote.23.98%
S&P/CITIC 50 INDEX 0.34% 4433 Delayed Quote.18.63%
SHANDONG DONGHONG PIPE INDUSTRY CO., LTD. 0.58% 13.92 End-of-day quote.34.49%
SHANDONG HAIHUA CO, NULL, LTD. 2.95% 34.9 End-of-day quote.75.64%
WH GROUP LIMITED 1.04% 6.77 End-of-day quote.-15.90%
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