SHANGHAI, Nov 17 (Reuters) - China stocks ended lower on
Tuesday, weighed by losses in healthcare stocks on concerns over
lofty valuations, while more bond defaults hit sentiment.
** The blue-chip CSI300 index fell 0.2%, to
4,894.79, while the Shanghai Composite Index slipped
0.2% to 3,339.90 points.
** Falling the most, the CSI300 healthcare index
slid 2.7%. Transport firms, in particular shipping
and port firms, climbed as news of another promising coronavirus
vaccine bolstered sentiment.
** Moderna Inc's experimental vaccine is 94.5%
effective in preventing COVID-19 based on interim data from a
late-stage trial, the company said on Monday, becoming the
second U.S. drugmaker to report results that far exceed
** China's mutual funds shifted some of their positions to
cyclical players for more safety margin as valuations of techs
are too high now, said Yan Kaiwen, an analyst with China Fortune
** Yan added the recent bond defaults also hit market
** Tsinghua Unigroup, a major government-backed player in
China's technology race, has defaulted on a 1.3-billion-yuan
($197.96 million) bond, three sources said, as several
high-profile delinquencies by state firms rattled the country's
** The default by Tsinghua Unigroup, a wholly-owned division
of the prestigious Tsinghua University in Beijing, on Monday
immediately triggered a credit rating downgrade that is expected
to weaken the company's financial health.
** China should set an annual average economic growth target
of around 5% for the 2021-2025 period, a senior economist at a
Chinese state think tank said on Tuesday.
** Separately, a top Chinese securities regulator said on
Tuesday that he hoped Sino-U.S. relations will improve under a
(Reporting by Shanghai Newsroom; Editing by Ramakrishnan M.)