Shanghai stocks edged higher on Thursday, after the US Federal Reserve took a more accommodative stance at its policy meeting. The blue-chip CSI300 index was unchanged at 3,836.89 points, while the Shanghai Composite Index closed up 0.3 percent at 3,101.46 points.
In comments at the end of a two-day policy meeting on Wednesday, the Fed abandoned projections for any interest rate hikes this year amid signs of an economic slowdown, and said it would halt the steady decline of its balance sheet in September. Meanwhile, there are concerns about valuations as major Chinese stock indexes trade near nine-month highs, amid lingering concerns about trade talks with the United States.
US President Donald Trump on Wednesday warned that Washington may leave tariffs on Chinese goods for a "substantial period" to ensure Beijing's compliance with any trade deal. China-US trade talks are set to resume next week. Around the region, MSCI's Asia ex-Japan stock index was firmer by 0.4 percent. At 07:07 GMT, the yuan was quoted at 6.6794 per US dollar, 0.22 percent firmer than the previous close of 6.6943.
The largest percentage gainers in the main Shanghai Composite index were Gansu Yasheng Industrial Group Co Ltd, up 10.14 percent, followed by Aurora Optoelectronics Co Ltd, gaining 10.1 percent and Chengdu B-ray Media Co Ltd, adding 10.09 percent. The largest percentage losers in the Shanghai index were Guangzhou Restaurant Co Ltd, down 7.53 percent, followed by Wuxi Hongsheng Heat Exchanger Manufacturing Co Ltd, which lost 6.52 percent and Shanghai Greencourt Investment Group Co Ltd that declined 6.31 percent. So far this year, the Shanghai stock index is up 24.4 percent and the CSI300 has risen 27.4 percent, while China's H-share index listed in Hong Kong is up 14.4 percent. Shanghai stocks have risen 5.46 percent this month.
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