SHANGHAI: China's benchmark Shanghai Composite Index ended higher for a fifth straight session on Thursday, as a rally in financial and materials stocks offset worries about rising Sino-US tensions that had earlier weighed on the index. At the close, the Shanghai Composite index was up 0.26% at 3,386.46, ending higher for a fifth straight day. The financial sector sub-index added 1.48%, and securities firms jumped 3.48%.
The rise was a matter of fundamentals, reflecting signs of improving performance at securities firms, said Zhang Gang, an analyst with China Central Securities. Expectations of possible consolidation in the sector had also boosted interest, he added.
Materials firms also rallied, led by gold miners as prices of the precious metal touched new highs. Zijin Mining ended 8.78% higher and Juling Gold soared 9.98%. But Sino-US tensions continued to weigh on sentiment, while profit-taking pulled down sectors that have rallied in recent days.
The blue-chip CSI300 index finished down 0.3%, with the consumer staples sector down 2.03% and the healthcare sub-index down 2.84%. The smaller Shenzhen index ended down 0.62% and the start-up board ChiNext Composite index shed 1.604%.
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