SHANGHAI, May 10 (Reuters) – China stocks wavered with no clear direction on Monday, as losses in tech shares amid Beijing’s deepening anti-monopoly war offset gains in energy and healthcare companies.
** The blue-chip CSI300 index fell 0.1% to 4,992.42, but the Shanghai Composite Index rose 0.3% to 3,427.99 points.
** China’s Nasdaq-style STAR market dropped 0.8%, while an index tracking the IT sector fell 0.5%, after the internet watchdog on Saturday announced a ban on some mobile app notifications, as regulators ramp up a campaign to rein in internet firms’ growing influence.
** “China’s anti-monopoly campaign hit investor confidence in tech shares,” said Yang Hongxun, analyst at Shandong Shenguang Consulting.
** But healthcare stocks soared, rebounding from last week’s drubbing after a U.S. proposal to waive patents for COVID-19 vaccines met with fierce opposition from European governments and pharmaceutical giants. ** Shanghai Fosun Pharmaceutical jumped 10%, the maximum allowed, in Shanghai, after the drugmaker said a subsidiary had agreed to provide a factory to make the COVID-19 vaccine developed by BioNTech in China. ** Energy shares also rose sharply, after a cyber attack shut down a U.S. pipeline operator that provides nearly half of the U.S. east coast’s fuel supply, boosting oil and gas futures.
SOURCE : https://www.reuters.com/article/china-stocks-close/china-tech-share-weakness-offsets-strength-in-energy-healthcare-stocks-idUSAZN015IWN