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China shares up as investors eye recovery, unfazed by bond defaults

11/19/2020 | 11:57pm EST

* SSEC 0.1%, CSI300 flat, HSI 0.5%

* HK->Shanghai Connect daily quota used 1%, Shanghai->HK daily quota used 3.6%

* FTSE China A50 -0.4%

BEIJING/SHANGHAI, Nov.20 (Reuters) - Chinese stocks edged up on Friday, as investors turned to materials and machinery companies, looking past recent bond market defaults on brightening hopes for recovery in the world's largest economy.

** At the midday break, the Shanghai Composite index was up 0.1% at 3,366.53 points.

** China's blue-chip CSI300 index was up 0.02%, with its material sector sub-index jumping 1.25% and the industrial sector sub-index gaining 1.02%. ** COSCO Shipping Holdings Co was the biggest contributor to the industrial sub-index, rising 10% to its daily limit, while Zijin Mining Group Co was up 4.4%, one of the biggest movers among material shares.

** The smaller Shenzhen index was up 0.26%, the start-up board ChiNext Composite index was higher by 0.57% and Shanghai's tech-focused STAR50 index was down 0.37%.

** So far this week, Shanghai Composite Index is up 1.7% and the bluechip benchmark CSI300 is up 1.49%.

** "Earnings recovery and sentiment upside remain intact despite the defaults and geopolitical uncertainty," analysts at Morgan Stanley said in a report. They expect A-shares to continue to outperform the offshore space in 2021 on attractive valuations.

** China's interbank bond market regulator said on Thursday it would launch probes into three banks for their role in underwriting bonds issued by Yongcheng Coal & Electricity Holding Group, which defaulted last week.

** The move comes after some Chinese state-firm debt defaults triggered market selloffs, including parent of BMW's Chinese venture partner Huachen, and Tsinghua Unigroup, a major government-backed player in China's technology race.

** Auto shares also rose on the mainland ahead of the Guangzhou International Motor Show commencing Friday.

** China left its benchmark lending rate for corporate and household loans unchanged for a seventh straight month at its November fixing on Friday, matching market expectations.

** Chinese H-shares listed in Hong Kong rose 0.02% to 10,557.86, while the Hang Seng Index was up 0.35% at 26,449.07.

** Around the region, MSCI's Asia ex-Japan stock index was weaker by 0.52% while Japan's Nikkei index was down 0.70%. (Reporting by Cheng Leng in Beijing and Andrew Galbraith in Shanghai; editing by Uttaresh.V)

© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
CHANGZHOU LANGBO SEALING TECHNOLOGIES CO.,LTD. 0.33% 18.52 End-of-day quote.-14.10%
CHINA OVERSEAS LAND & INVESTMENT LIMITED 4.92% 18.78 End-of-day quote.11.39%
CHINA RESOURCES LAND LIMITED 10.20% 35.1 End-of-day quote.9.69%
COSCO SHIPPING HOLDINGS CO., LTD. -9.97% 14.08 End-of-day quote.15.32%
ENN ENERGY HOLDINGS LIMITED -0.33% 122 End-of-day quote.7.21%
HANG SENG 2.71% 29630.38 Real-time Quote.8.81%
MEITUAN DIANPING 4.92% 341 End-of-day quote.15.75%
NIKKEI 225 1.39% 28633.46 Real-time Quote.2.91%
NINGBO MARINE COMPANY LIMITED -5.23% 4.71 End-of-day quote.-8.54%
QIBU CO.,LTD. 1.52% 8 End-of-day quote.-12.09%
S&P/CITIC 300 INDEX -0.51% 4791.09 Delayed Quote.4.30%
S&P/CITIC 50 INDEX -1.14% 4816 Delayed Quote.3.26%
SUNAC CHINA HOLDINGS LIMITED 9.28% 34.75 End-of-day quote.21.29%
XIAOMI CORPORATION 5.02% 31.4 End-of-day quote.-5.42%
XILINMEN FURNITURE CO.,LTD 1.56% 18.23 End-of-day quote.-5.64%
ZHEJIANG GUYUELONGSHAN SHAOXING WINE CO., LTD. -3.48% 14.13 End-of-day quote.-16.93%
ZIJIN MINING GROUP COMPANY LIMITED -3.84% 10.28 End-of-day quote.10.66%
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