BEIJING/SHANGHAI: China’s blue-chip index ended higher on Wednesday as optimism over the continued recovery in the world’s second-largest economy lifted consumer stocks, offsetting weakness in the tech sector.
At the close, the Shanghai Composite index ended flat at 3,366.98, while its blue-chip CSI300 index was up 0.18%. The consumer staples sector rose 1.08%, while the healthcare sub-index firmed 0.84%.
The start-up board ChiNext Composite index was higher by 0.065%, and Shanghai’s tech-focused STAR50 index was down 1.32%, dragged by heaviweight Semiconductor Manufacturing International Corp.
Shanghai-listed shares of SMIC slumped as much as 9.8% before they closed down 5.5% after the company said its board was aware of Mong-Song Liang’s intention to resign from the CEO position.
The smaller Shenzhen index ended down 0.35%.
Broadly on the economic recovery front, analysts say activity and spending data released on Tuesday suggest that China’s economy continued to accelerate across all fronts.—Reuters
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