China shares end flat as healthcare losses offset gains in property stocks

  • 12/2/2020
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* HK->Shanghai Connect daily quota used 0.2%, Shanghai->HK daily quota used 7.8% * FTSE China A50 -0.1% BEIJING/SHANGHAI, Dec 2 (Reuters) - China stocks erased earlier gains to end nearly flat on Wednesday, with gains in property stocks offset by losses in healthcare, as investors took a breather following a recent rally on upbeat data pointing to a continued economic recovery. ** At the close, the Shanghai Composite index was down 0.07% at 3,449.38. ** The index hit its highest since February 2018 earlier in the session, as investors cheered better-than-expected manufacturing data and hopes of continued economic recovery. ** China’s blue-chip CSI300 index ended flat, while the start-up board ChiNext Composite index was 0.57% lower. Shanghai’s tech-focused STAR50 index closed up 0.3%. ** Leading the gains, the real estate sub-index rose 0.96% by the end of the session, with heavyweight Greenland Holdings Corp Ltd gaining 2.63%. ** The sub-index tracking blue-chip healthcare stocks retreated 0.42%. ** The smaller Shenzhen index was up 0.16%. ** China’s factory sector activity grew at its fastest pace in a decade in November, a business survey showed on Tuesday, as the economy rebounds to pre-pandemic levels. ** The virus infection situation remains stable, as mainland China reported nine new COVID-19 cases on Dec. 1, down from 12 cases a day earlier, the country’s national health authority said. ** U.S. President-elect Joe Biden has said that he will not immediately act to remove the Phase 1 trade agreement, which President Donald Trump inked with China, the New York Times reported. ** Around the region, MSCI’s Asia ex-Japan stock index was firmer by 1.21%, while Japan’s Nikkei index closed up 0.05%.

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