China stocks gain as country approves first CAR-T cell therapy

SHANGHAI: China shares rose on Wednesday, with healthcare stocks leading the gains after the country approved its first CAR-T cell therapy, while investors cheered the Federal Reserve's assurance that the US central bank will not hasten to hike rates.

** At the midday break, the Shanghai Composite index was up 0.46% at 3,573.61 points, rising for the third consecutive day. China's blue-chip CSI300 index was up 0.77%.

** The financial sector sub-index climbed 0.13%, the consumer staples sector was down 1.24%, while the real estate index added 0.13%.

** Chinese H-shares listed in Hong Kong rose 1.43% to 10,619.02, while the Hang Seng Index was up 1.46% at 28,721.85.

** The smaller Shenzhen index was up 0.81%, the start-up board ChiNext Composite index advanced 1.63%, and Shanghai's tech-focused STAR50 index climbed 1.53%?.

** The largest percentage gainers in the main Shanghai Composite index were Liaoning SG Automotive Group Co Ltd, up 10.1%, followed by Anhui Jianghuai Automobile Group Corp Ltd , gaining 10.05%.

** Shanghai-listed shares of Shanghai Fosun Pharmaceutical Group Co Ltd rose as much as 3.4% after China approved the first CAR-T cell therapy in the country as a joint venture of Fosun Pharmaceutical had obtained the rights to sell the therapy in China.

** Leading the gains, the healthcare sub-index rose 1.11%.

** Lifting investors' risk appetite was Fed chief Jerome Powell's reassurance of the goal of a broad labour market recovery while he also said fear of inflation alone would not be enough to prompt rate rises.

** China's state planner said on Wednesday that it and the market regulator have recently sent teams to various areas to look into commodities prices and supplies and would learn about mid- and downstream companies' situations.

** Around the region, MSCI's Asia ex-Japan stock index was firmer by 0.74% while Japan's Nikkei index was up 0.02%.

** The yuan was quoted at 6.4807 per US dollar, 0% firmer than the previous close of 6.481.