SHANGHAI: China stocks shed some of their early gains, with the benchmark Shanghai Composite index ending the session higher on Wednesday, lifted by the government’s pledge to implement additional policy measures to prop up a coronavirus-ravaged broad economy.
At the close, the Shanghai Composite index was up 0.22% at 3,347.30, while the blue-chip CSI300 index ended 0.06% lower.
China will promote economic growth to a “reasonable” range while pursuing higher quality development, Premier Li Keqiang was quoted as saying on Tuesday night by state radio.
Remarks made by Premier Li helped assuage investor concerns that authorities might soon abandon policy stimulus plans as the recovery in the world’s second-largest economy from its Covid-19 slump gathered momentum.
The smaller Shenzhen index ended down 0.41% and the start-up board ChiNext Composite index was weaker by 1.408%.
The largest percentage gainers in the main Shanghai Composite index were Harbin Dongan Auto Engine Co Ltd, up 10.07%, followed by Chongqing Sokon Industry Group Stock Co Ltd, gaining 10.02% and Shanghai Milkground Food Tech Co Ltd that closed 10.01% firmer.—Reuters
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