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Financials

China shares inch lower as EVs, tech firms drag; optimism around economy caps losses

* SSE -0.1%, CSI -0.01%

* CATL falls on sales via Stock Connect

* China’s fiscal revenues grow 4.7% in the third quarter

BEIJING, Oct 21 (Reuters) - China shares ended lower on Wednesday, dragged down by profit-taking in new-energy vehicle and technology stocks due to their high valuations, while confidence in the country’s economic recovery from the COVID-19 pandemic restrained the losses.

** At the close, the Shanghai Composite index was down 0.09% at 3,325.02, narrowing the loss earlier in the day. ** The blue-chip CSI300 index was down 0.01%, with its financial sector sub-index higher by 0.92%, the consumer staples sector down 0.08%, the real estate index up 0.27% and the healthcare sub-index down 0.07%. ** The sub-index for new-energy vehicle manufacturers and suppliers dropped 2.29%, while the information technology sub-index shed 1.99%.

** China’s biggest battery maker Contemporary Amperex Technology’ shares (CATL) dropped as much as 5.8% to 227.68 yuan after investors sold shares via the Stock Connect linking Hong Kong and mainland China. ** The smaller Shenzhen index ended down 1.08% and the start-up board ChiNext Composite index was weaker by 1.461%.

** China’s fiscal revenues grew 4.7% in the third quarter from a year earlier, the finance ministry said, as the country’s economic recovery picked up pace. ** Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.25%, while Japan’s Nikkei index closed up 0.31%. ** At 0705 GMT, the yuan was quoted at 6.6424 per U.S. dollar, 0.52% firmer than the previous close of 6.677.

Reporting by Zhang Yan in Beijing and Andrew Galbraith in Shanghai; Editing by Rashmi Aich

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