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    N225   JP9010C00002

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China's blue-chip index scales 5-1/2-year high on consumer strength

01/05/2021 | 02:39am EDT

SHANGHAI, Jan 5 (Reuters) - China's blue-chip index extended gains to hit a five-and-half-year high on Tuesday, aided by jumps in consumer stocks, as investors hoped for more measures to spur the country's consumption amid the coronavirus outbreak.

** The blue-chip CSI300 index rose 1.9%, to 5,368.50, its highest since June 9, 2015, while the Shanghai Composite Index gained 0.7% to 3,528.68.

** Leading the gains, the CSI300 consumer staples index jumped 5.1%. The CSI300 healthcare index and materials index climbed 2.2% and 2.6%, respectively.

** "Investors could pay attention to residents' income recovery and measures to stimulate consumption in 2021, as China's consumption recovery was relatively weak in 2020 amid the coronavirus outbreak," Luo Kun, director of macro strategy centre at Chasing Securities, noted in a report.

** Analysts and traders also said investors became more bullish on hopes of more policy support and ample liquidity.

** "The spring rally is here now as investors expect more policy support from Beijing and as banks usually lend more at the start of a new year, which would mean more liquidity in the market," said Fu Yanping, an analyst with China Galaxy Securities.

** Fu said risk appetite also got a boost as Beijing pledged continued policy support and on the Sino-Europe investment deal.

** China last year said it would maintain support for its economic recovery, avoiding a sudden shift in policy, to help keep growth within a reasonable range in 2021.

** Around the region, MSCI's Asia ex-Japan stock index was firmer by 1.12%, while Japan's Nikkei index closed down 0.37%.

** At 07:20 GMT, the yuan was quoted at 6.46 per U.S. dollar, 0.03% firmer than the previous close of 6.462. (Reporting by Shanghai Newsroom; Editing by Shailesh Kuber)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CANADIAN DOLLAR / CHINESE YUAN RENMINBI (CAD/CNY) -0.01% 5.1824 Delayed Quote.1.11%
EURO / CHINESE YUAN RENMINBI (EUR/CNY) 0.08% 7.6715 Delayed Quote.-3.80%
JIANGSU SUNSHINE CO., LTD. 0.99% 2.04 End-of-day quote.-28.42%
LIAONING HONGYANG ENERGY RESOURCE INVEST CO.,LTD 2.86% 3.24 End-of-day quote.-19.80%
NIKKEI 225 1.82% 27781.02 Real-time Quote.-0.59%
NINGBO MARINE COMPANY LIMITED -1.99% 4.44 End-of-day quote.-13.79%
NINGBO ZHOUSHAN PORT COMPANY LIMITED -0.54% 3.7 End-of-day quote.-5.61%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) 0.00% 6.46426 Delayed Quote.-0.47%
US DOLLAR / CHINESE YUAN RENMINBI (USD/CNY) 0.05% 6.4643 Delayed Quote.-0.98%
XINJIANG TIANFU ENERGY CO., LTD. 1.59% 6.4 End-of-day quote.26.23%
ZHEJIANG KANGLONGDA SPECIAL PROTECTION TECHNOLOGY CO., LTD -1.31% 13.59 End-of-day quote.-38.17%
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