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China stocks ended lower on Thursday, but losses were limited as investors expected further stimulus measures from policymakers to shield the world's second-largest economy from the impact of the coronavirus.
The blue-chip CSI300 index fell 1.3%, to 3,589.09, while the Shanghai Composite Index shed 1% to 2,702.13 points.
Both indexes were down more than 3% in morning trade, joining a global rout as emergency central bank measures in Europe, the United States and Australia failed to halt a fresh wave of panic selling.
The short-term relative strength in the A-share market is mainly due to better liquidity conditions as a result of a high level of turnover, as market participants have sufficient expectations of policy support from Beijing, said Song Jin, analyst with Nomura Orient International Securities.
Analysts are slashing their growth forecasts for China to lows not seen since the Cultural Revolution ended in 1976, as the coronavirus outbreak takes its toll on the world's second-largest economy.
Chinese policymakers have already implemented a raft of measures to support an economy jolted by the outbreak, which is expected to have a devastating impact on first-quarter growth.
Also providing some support were signs that the virus has been brought under control in the country.
The central Chinese city of Wuhan, the epicentre of the country's coronavirus outbreak, reported no new infections for the first time, while imported cases surged by a record, led by new infections in the capital of Beijing.
Chinese scientists and health experts involved in the country's fight against the coronavirus believe the worst is now over, downplaying warnings that the disease could become seasonal or that a deadlier "second wave" could hit later in the year.
However, foreign investors continued to retreat, selling more than 9 billion yuan worth of A-shares via the Stock Connect linking mainland and Hong Kong.
The recent outflows were rather firm, as foreign investors would first reduce exposure to emerging markets when shunning risks, Nomura's Song said. Around the region, MSCI's Asia ex-Japan stock index was weaker by 4.24%, while Japan's Nikkei index closed down 1.04%.

Copyright Reuters, 2020

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