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China stocks end lower as healthcare, tech firms tumble

07/06/2021 | 03:44am EDT

Shanghai, July 6 (Reuters) - China stocks ended lower on Tuesday, with healthcare and tech firms leading the losses, as local investors remained wary of lofty valuations of certain sectors.

** The blue-chip CSI300 index edged down 0.1% to 5,083.10, while the Shanghai Composite Index ended flat at 3,530.26 points.

** Shenzhen's start-up board declined 1.8%, while Shanghai's tech-focused lost 2.7%.

** Leading the declines among sectors, the CSI300 healthcare index tumbled as much as 6% before ending 3.8% lower.

** Hangzhou Tigermed Consulting Co Ltd, Shanghai Fosun Pharmaceutical Group Co Ltd, Aier Eye Hospital Group Co Ltd , Beijing Tongrentang Co Ltd, and Wuxi AppTec Co Ltd retreated between 5% and 10.9%.

** "The growth rates of many healthcare firms could not support their current high valuations," Yan Kaiwen, an analyst with China Fortune Securities said.

** Yan said some investors shifted to cheaper sectors with stable growth, including developers.

** The CSI300 real-estate index climbed 2.9%, with bellwether Vanke up 2.8%.

** Around the region, MSCI's Asia ex-Japan stock index was firmer by 0.08%, while Japan's Nikkei index closed up 0.16%.

** At 0713 GMT, the yuan was quoted at 6.4612 per U.S. dollar, 0.04% firmer than the previous close of 6.4639.

** As of 0714 GMT, China's A-shares were trading at a premium of 39.50% over the Hong Kong-listed H-shares. (Reporting by Shanghai Newsroom, Editing by Sherry Jacob-Phillips)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AIER EYE HOSPITAL GROUP CO., LTD. 5.19% 54.57 End-of-day quote.-5.52%
BEIJING TONGRENTANG CO., LTD 1.64% 32.16 End-of-day quote.34.56%
CHINA VANKE CO., LTD. -2.51% 19.81 End-of-day quote.-30.98%
DAHENG NEW EPOCH TECHNOLOGY INC. -8.01% 11.71 End-of-day quote.14.80%
DATANG HUAYIN ELECTRIC POWER CO., LTD -1.19% 7.45 End-of-day quote.140.32%
HANGZHOU TIGERMED CONSULTING CO., LTD 1.59% 172.23 End-of-day quote.6.57%
NINGBO ZHONGBAI CO., LTD. -2.30% 8.93 End-of-day quote.0.56%
SHANGHAI FOSUN PHARMACEUTICAL (GROUP) CO., LTD. 3.54% 59.35 End-of-day quote.9.93%
SHANGHAI YAHONG MOULDING CO., LTD. 4.42% 19.37 End-of-day quote.74.19%
TOPCHOICE MEDICAL CORPORATION 4.55% 297.04 End-of-day quote.7.42%
WUXI APPTEC CO., LTD. 0.48% 151.6 End-of-day quote.35.04%
ZHUZHOU SMELTER GROUP CO.,LTD. -5.44% 9.91 End-of-day quote.36.13%
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