May 7, 2018 / 7:28 AM / 10 months ago

China stocks rise on economic optimism despite lingering trade tension

* SSEC +1.5 pct, CSI300 +1.6 pct

* China economy expected to remain solid despite trade

* tensions

* Tech shares jump after China publishes CDR rules

SHANGHAI, May 7 (Reuters) - China stocks rebounded sharply on Monday amid optimism about robust April economic data despite lingering Sino-U.S. trade tensions, as investors bid up tech shares after regulators detailed rules that pave the way for domestic flotation of overseas-listed technology giants.

** The blue-chip CSI300 index rose 1.6 percent, to 3,834.19 points, while the Shanghai Composite Index gained 1.5 percent to 3,136.64 points.

** Continued negotiations will likely result in a scale-back of the current proposal on tariffs as China quickens its implementation of some announced opening and reform measures in the next couple of months, UBS Securities wrote on Monday.

** A flurry of Chinese data in the coming weeks is expected to show that the world’s second-largest economy remained strong in April, underpinned by a pickup in industrial output and a rebound in exports despite rising trade tensions with the United States.

** Tech shares in China rose sharply, after China’s securities regulator on Friday published draft rules on the issuance of China Depositary Receipts, or CDRs, paving the way for domestic flotation of offshore-listed technology giants. ** The blue-chip CSI300 index posted robust gains, with its financial sector sub-index higher by 1.02 percent, the consumer staples sector up 4.49 percent, the real estate index up 1.83 percent and healthcare sub-index up 2.54 percent. ** The smaller Shenzhen index ended up 1.85 percent and the start-up board ChiNext Composite index was higher by 2.07 percent. ** Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.05 percent, while Japan’s Nikkei index closed down 0.03 percent . ** At 07:13 GMT, the yuan was quoted at 6.3634 per U.S. dollar, 0.05 percent weaker than the previous close of 6.36. ** The largest percentage gainers in the main Shanghai Composite index were Fujian Kuncai Material Technology Co Ltd up 10.03 percent, followed by Yibin Paper Industry Co Ltd gaining 10.03 percent and Anhui Golden Seed Winery Co Ltd up by 10.02 percent. ** The largest percentage losers in the Shanghai index were Aurora Optoelectronics Co Ltd down 10.03 percent, followed by Zhejiang ChiMin Pharmaceutical Co Ltd losing 9.96 percent and Dahu Aquaculture Co Ltd down by 7.43 percent. (Reporting by Shanghai Newsroom; Editing by Subhranshu Sahu)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below