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Markets

China stocks rise as Beijing pledges more support for economy

SHANGHAI: China stocks rose on Monday as Beijing vowed to step up support for the economy next year amid a lingering tra

Dec 24 2018

SHANGHAI: China stocks rose on Monday as Beijing vowed to step up support for the economy next year amid a lingering trade war with the United States.

** China will increase support for the economy in 2019 by cutting taxes and keeping liquidity ample, the official Xinhua news agency said, following an annual meeting of top leaders.

** The blue-chip CSI300 index rose 0.3 percent, to 3,038.20, while the Shanghai Composite Index gained 0.4 percent to 2,527.01 points.

**  For the short term, the signals from the Central Economic Work Conference could have a certain soothing effect on market sentiment, investment bank China International Capital Corporation wrote in note. The ultimate effect would depend on the implementation of those policies and reforms mentioned in the work conference, the bank added.

** The CSI300 financial sector sub-index was lower by 0.39 percent, the consumer staples sector up 0.67 percent, the real estate index down 0.69 percent and the healthcare sub-index up 2.57 percent.

** The smaller Shenzhen index ended up 0.86 percent and the start-up board ChiNext Composite index was higher by 1.104 percent.

** Around the region, MSCI's Asia ex-Japan stock index  was weaker by 0.27 percent.

** At 07:05 GMT, the yuan was quoted at 6.8971 per U.S. dollar, 0.14 percent firmer from its previous close of 6.907.

** The largest percentage gainers in the main Shanghai Composite index were GuangDong Super Telecom Co Ltd, up 10.02 percent, followed by Wuhan Bester Group Telecom Co Ltd , gaining 10.01 percent, and Suzhou Secote Precision Electronic Co Ltd, up by 10.01 percent.

** The largest percentage losers in the Shanghai index were China Securities Co Ltd, down 9.95 percent, followed by Huayi Electric Co Ltd losing 8.74 percent and Guangdong Songfa Ceramics Co Ltd down by 7.7 percent.

Copyright Reuters, 2018