China shares settle higher, led by EV, healthcare stocks

Apr 29, 2021

 

* SSEC +0.4%, CSI300 +0.6%

* CATL jumps on strong 2020 net profit

* China set to report its first population fall since 1949

SHANGHAI, April 28 (Reuters) – China shares closed higher on Wednesday, led by electric vehicle and healthcare stocks on the back of strong earnings, while investors waited for a likely politburo meeting later this week. ** At the close, the Shanghai Composite index was up 0.42% at 3,457.07, while the blue-chip CSI300 index was up 0.56%.

** Leading the gains, the new energy vehicle sector sub-index gained 2.58%, while the healthcare sub-index added 2.11%. ** The consumer staples sector was down 0.03%, while the real estate index edged lower 0.14%.

** The smaller Shenzhen index ended up 0.8% and the start-up board ChiNext Composite index was higher by 2.162%. The tech-focused STAR 50 index rose 0.94%.

** Shares in Contemporary Amperex Technology Co Ltd, the world’s biggest battery maker for new energy vehicles, climbed 5.3% after reporting a 22% jump in its 2020 net profit.

** Investors are expecting a meeting of the politburo, the top decision-making body of China’s ruling Communist Party, to happen sometime later this week.

** China is set to report its first population decline since 1949, the Financial Times reported on Tuesday, complicating the challenges faced by policymakers to ensure the country’s long-term economic growth.

** Around the region, MSCI’s Asia ex-Japan stock index was weaker by 0.1%, while Japan’s Nikkei index closed up 0.21%. ** At 07:04 GMT, the yuan was quoted at 6.4869 per U.S. dollar, 0.06% weaker than the previous close of 6.483.

SOURCE : https://www.reuters.com/article/china-stocks-close/china-shares-settle-higher-led-by-ev-healthcare-stocks-idUSAZN01431F