January 19, 2018 / 7:30 AM / 2 years ago

China stocks scale 2-year highs after solid GDP

* Shanghai stocks higher, blue-chip CSI300 index up

* Gains in Shanghai stocks led by Dongxing Securities Co Ltd

* Losses led by Zhongyuan Union Cell & Gene Engineering Corp Ltd

* China’s A-shares are at a 29.05 percent premium over H-shares

SHANGHAI, Jan 19 (Reuters) - China stocks ended at fresh two-year highs on Friday, with the Shanghai index posting its fifth straight week of gains, as banks extended their rally and after the country posted its first acceleration in full-year growth in seven years.

** China’s economy grew faster than expected in the fourth quarter of 2017, underpinned by an export recovery, defying concerns that intensifying curbs on industry and credit would hurt expansion. Growth for the 2017 full-year picked up to 6.9 percent, the first annual acceleration for the economy since 2010. The annual growth easily beat the government’s 2017 target of around 6.5 percent and quickened from 6.7 percent in 2016, the weakest pace in 26 years.

** At the close, the Shanghai Composite index was up 14.35 points or 0.41 percent at 3,489.11. ** The blue-chip CSI300 index was up 0.35 percent, with its financial sector sub-index higher by 0.82 percent, the consumer staples sector down 0.99 percent, the real estate index down 0.69 percent and healthcare sub-index down 0.05 percent. ** For the week, SSEC was up 1.7 percent, while CSI300 gained 1.5 percent, both closing at fresh two-year highs. ** The smaller Shenzhen index ended down 0.14 percent and the start-up board ChiNext Composite index was weaker by 0.57 percent. ** Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.33 percent while Japan’s Nikkei index closed up 0.19 percent. ** At 07:03 GMT, the yuan was quoted at 6.3955 per U.S. dollar, 0.35 percent firmer than the previous close of 6.418. ** The largest percentage gainers in the main Shanghai Composite index were Dongxing Securities Co Ltd up 10.04 percent, followed by Qinghai Spring Medicinal Resources Technology Co Ltd gaining 10.03 percent and Ningbo Yunsheng Co Ltd up by 10 percent. ** The largest percentage losses in the Shanghai index were Zhongyuan Union Cell & Gene Engineering Corp Ltd down 10 percent, followed by Easysight Supply Chain Management Co Ltd losing 9.98 percent and China Petroleum Engineering Corp down by 7.93 percent. ** So far this year, the Shanghai stock index is up 5.07 percent, the CSI300 is up 5.5 percent this year, while China’s H-share index listed in Hong Kong is up 11.8 percent. Shanghai stocks have risen 5.07 percent this month. ** About 24.75 billion shares were traded on the Shanghai exchange, roughly 147.4 percent of the market’s 30-day moving average of 16.80 billion shares a day. The volume in the previous trading session was 22.00 billion. ** As of 07:04 GMT, China’s A-shares were trading at a premium of 29.06 percent over the Hong Kong-listed H-shares. ** The Shanghai stock index is above its 50-day moving average and above its 200-day moving average. ** The price-to-earnings ratio of the Shanghai index was 15.76 as of the last full trading day while the dividend yield was 1.8 percent. ** So far this week, the market capitalisation of the Shanghai stock index has risen by 1.39 percent to 30.52 trillion yuan. (Editing by Sam Holmes)

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