China shares end higher on consumer, healthcare boost

  • 1/10/2022
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CSI300 +0.45%, SSEC +0.39% STAR Market up nearly 1% on market-making pilot plans Real estate higher; Shimao jumps on asset disposal report SHANGHAI, Jan 10 (Reuters) - Chinese shares ended higher on Monday, lifted by gains in consumer and healthcare firms, while Shanghai"s tech-focussed STAR Market rebounded as investors latched on to expectations of deeper reforms and improved liquidity. ** At the close, the Shanghai Composite index (.SSEC) was up 0.39% at 3,593.52. ** The blue-chip CSI300 index (.CSI300) was up 0.45%, the consumer staples sector (.CSI000912) rose 0.88% and the healthcare sub-index (.CSI300HC) climbed 1.08%. ** Shanghai"s STAR Market (.STAR50) ended 0.98% higher, climbing from near eight-month lows, after China"s securities regulator said it would pilot market-making on the Nasdaq-style market. read more ** STAR, set up in 2019 to fund China"s technical innovation, currently hosts 379 listed companies worth a total of 5.3 trillion yuan ($831.57 billion) in market value. ** The real-estate sub-index (.CSI000952) jumped 1.45%, reflecting continued volatility among developers" shares amid ongoing investor concerns over debt and liquidity risks in the sector. ** Developer Shimao Group Holdings (0813.HK) has put all of its real-estate projects on sale, including both residential and commercial properties, as the cash-strapped Chinese property developer accelerates asset disposals, Caixin reported. read more ** Shimao Group unit Shanghai Shimao (600823.SS) rose by the 10% daily limit on Monday. ** Shares in China Life Insurance Co (601628.SS) fell 1.74% in Shanghai after China"s Central Commission for Discipline Inspection (CCDI) said it had placed the company"s Chairman Wang Bin under investigation. ** The smaller Shenzhen index (.SZSC) ended 0.44% higher and the start-up board ChiNext Composite index (.CNT) was flat. ** Around the region, MSCI"s Asia ex-Japan stock index (.MIAPJ0000PUS) was firmer by 0.58%, while Japan"s Nikkei index (.N225) edged down 0.03%. ** At 0700 GMT, the yuan was quoted at 6.3724 per U.S. dollar, 0.07% firmer than the previous close of 6.377.

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