December 24, 2019 / 7:36 AM / a month ago

China stocks close higher on stimulus hopes for smaller firms

SHANGHAI, Dec 24 (Reuters) - China stocks ended higher on Tuesday on hopes that Beijing will roll out more measures to bolster the real economy.

** The blue-chip CSI300 index closed up 0.7% at 3,992.96, while the Shanghai Composite Index gained 0.7% to 2,982.68.

** Chinese Premier Li Keqiang said on Monday the government will study taking more measures to lower financing costs for smaller companies, including broad-based and “targeted” cuts in the reserve requirement ratio (RRR), relending and rediscounting.

** Chinese government bond futures edged up in early trade on Tuesday following the Premier’s remarks.

** Around the region, MSCI’s Asia ex-Japan stock index fell 0.13%, while Japan’s Nikkei index inched up 0.04%.

** The yuan was quoted at 7.0113 per U.S. dollar, 0.02% firmer than the previous close of 7.0125.

** The largest percentage gainers on the main Shanghai Composite index were Huayi Electric Co Ltd, up 10.09%, followed by Shanghai Fudan Forward S&T Co Ltd , gaining 10.06% and Guirenniao Co Ltd, up by 10.04%.

** The largest percentage losers on the Shanghai index were ChongQing Zhengchuan Pharmaceutical Packaging Co Ltd , down 10%, followed by Lushang Health Industry Development Co Ltd, losing 6.4% and Changshu Fengfan Power Equipment Co Ltd, down by 5.87%.

** So far this year, the Shanghai stock index has gained 19.6%, while China’s H-share index has risen 7.8%.

** By 0706 GMT, China’s A-shares were trading at a premium of 25.58% over Hong Kong-listed H-shares. (Reporting by Shanghai Newsroom; editing by Uttaresh.V)

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