SHANGHAI: China’s blue-chip index ended higher for the fourth straight session on Thursday, powered by healthcare, consumer staples and financials sectors, on investor optimism over swift recovery in the world’s second-largest economy.
At the close, the Shanghai Composite index was up 1.13% at 3,404.87.
The blue-chip CSI300 index was up 1.28%, with its financial sector sub-index higher by 1.46%, the consumer staples sector closed 1.43% firmer and the real estate index ended 0.67% higher.
Healthcare shares were the standout performer on the day, with the sector’s sub-index gaining 3.27%, powered by an 8.42% jump in shares of Jiangsu Hengrui Medicine Co Ltd. HKEX data showed Hengrui was the second-most traded A-share through the Northbound leg of Stock Connect on Wednesday after the company announced promising results about a cancer drug.
The smaller Shenzhen index ended 0.96% higher and the start-up board ChiNext Composite index was higher by 0.905%. Index gains mirrored strength across broader markets as investors welcomed the US Federal Reserve’s pledge to keep funneling cash into financial markets until the US economic recovery is secure.
So far this year, the Shanghai stock index is up 11.6% and the CSI300 advanced 22.5%, while China’s H-share index listed in Hong Kong is down 5.9%. Shanghai stocks have climbed 0.39% this month.—Reuters
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