November 28, 2018 / 7:44 AM / 6 months ago

China stocks end higher as blue chips rebound; G20 meet remains in focus

* SSEC up 1.1 pct, CSI300 1.3 pct higher

* CSI300 had fallen for four consecutive sessions

* Gains in Shanghai stocks led by JiShi Media Co Ltd and losses by Shanghai DaZhong Public Utilities Group Co Ltd

SHANGHAI, Nov 28 (Reuters) - China’s main equity indexes ended higher Wednesday, with blue-chips snapping a four-day losing streak amid cautious hopes for a de-escalation of Sino-U.S. trade tensions and as bargain-hunting investors expect to see results from government support. ** At the close, the Shanghai Composite index was up 1.1 percent at 2,601.74 points. ** The blue-chip CSI300 index was up 1.3 percent, with its financial sector sub-index higher by 1.4 percent, the consumer staples sector up 1.8 percent, the real estate index up 2.7 percent and the healthcare sub-index up 0.4 percent. ** The smaller Shenzhen index ended up 1.4 percent and the start-up board ChiNext Composite index was 2 percent higher. ** “Although new government support policies have been rolled out quickly, the total scope of support is already near 400 billion yuan. But because this relief has been primarily market-based the players are relatively dispersed,” analysts from Guodu Securities said in a note.

** But they said that following meetings between the Chinese and U.S. presidents in Argentina later this week, “the results of the relief policies may help to drive a second wave of recovery” in the market. ** The analysts also highlighted plans by Industrial and Commercial Bank of China (ICBC) and Agricultural Bank of China to establish wealth-management units, which could help to attract long-term capital to the A-share market. ** U.S. President Donald Trump is open to reaching a deal on trade irritants over dinner on Saturday with Chinese leader Xi Jinping but is ready to hike tariffs on Chinese imports if there is no breakthrough, White House economic adviser Larry Kudlow said on Tuesday. ** Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.7 percent, while Japan’s Nikkei index closed up 1 percent. ** At 07:10 GMT, the yuan was quoted at 6.9543 per U.S. dollar, 0.03 percent weaker than the previous close of 6.9525. ** The largest percentage gainers in the main Shanghai Composite index were JiShi Media Co Ltd, up 10.14 percent, followed by Guizhou BC&TV Information Network Co Ltd , gaining 10.08 percent and NINGBO BIRD Co Ltd , up by 10.06 percent. ** The largest percentage losses in the Shanghai index were Shanghai DaZhong Public Utilities Group Co Ltd down 10.05 percent, followed by Beihai Gofar Marine Biological Industry Co Ltd losing 10.02 percent and Shanghai Xinhua Media Co Ltd down by 9.92 percent. ** So far this year, the Shanghai stock index is down 21.3 percent, the CSI300 has fallen 21.1 percent while China’s H-share index listed in Hong Kong is down 9.2 percent. Shanghai stocks have declined 0.04 percent this month. (Reporting by Andrew Galbraith; Editing by Rashmi Aich)

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