November 19, 2018 / 7:39 AM / 6 months ago

Property developers, financial firms lift China shares

* SSEC +0.9 pct, CSI300 +1.1 pct

* Financial sub-index up 1.83 percent

* Benchmark rate cut rumours help to fuel rise in developer shares

SHANGHAI, Nov 19 (Reuters) - Property developers and financial firms lifted China’s main stock indexes on Monday as the government continues to roll out policy measures to support markets, and amid growing expectations of more loose policy to come. ** At the close of trade, the Shanghai Composite Index was 0.9 percent higher at 2,703.51 points. The blue-chip CSI300 index rose 1.1 percent, to 3,294.60 points. ** The CSI300 financial sector sub-index ended 1.83 percent higher, the consumer staples sector gained 1.24 percent and the healthcare sub-index closed up 1.1 percent. ** China’s stubbornly weak credit growth has spurred talk of its first cut in benchmark lending rates in three years, but economists and policy insiders say concerns about a potential knock to its currency will likely give the central bank pause. ** Shenzhen-listed shares of Chinese automaker BYD Co Ltd hit a near six-month high and were last up 5.84 percent, after the National Development and Reform Commission (NDRC) approved BYD’s plans to issue 6 billion yuan ($864.32 million) of corporate bonds amid a broad push to support private firms. The company’s Hong Kong-listed shares gained 6.45 percent. ** Shares in Chinese developers jumped on rising expectations of a rate cut that could lower borrowing costs for developers and home buyers. The CSI300 real estate index added 4.18 percent. ** An index tracking securities firms rose 3.06 percent. Securities firms are also seen as beneficiaries of policies to support markets and of plans to launch a new technology board. ** The smaller Shenzhen index turned around from earlier losses to close 0.51 percent higher. The start-up board ChiNext Composite index trimmed losses but still ended 0.63 percent lower after the securities regulator on the weekend tightened rules over goodwill impairment, which could hit some company earnings. ** Firms that have experienced repeated losses also fell on Monday after the securities regulator tightened share suspension and delisting rules. Tianma Bearing Group, DEA General Aviation and Shandong Longlive Bio-Technology fell by their daily 5 percent limit. ** Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.05 percent, while Japan’s Nikkei index closed up 0.65 percent. ** At 07:14 GMT, the yuan was quoted at 6.9405 per U.S. dollar, 0.08 percent weaker than the previous close of 6.9351. ** The largest percentage gainers in the main Shanghai Composite index were Shanghai Yimin Commercial Group Co Ltd, up 10.13 percent, followed by Hua Yuan Property Co Ltd , gaining 10.12 percent and Guangxi Guidong Electric Power Co Ltd, up by 10.08 percent. ** The largest percentage losses in the Shanghai index were Sichuan Minjiang Hydropower Co Ltd down 10.02 percent, followed by Fangda Special Steel Technology Co Ltd losing 7.79 percent and Jiangsu Yulong Steel Pipe Co Ltd down by 7.59 percent. ** So far this year, the Shanghai stock index is down 18.3 percent, the CSI300 has fallen 18.3 percent while China’s H-share index listed in Hong Kong is down 9.4 percent. Shanghai stocks have risen 3.87 percent this month. ** About 23.17 billion shares were traded on the Shanghai exchange, roughly 135.7 percent of the market’s 30-day moving average of 17.07 billion shares a day. The volume in the previous trading session was 24.22 billion. ** As of 07:15 GMT, China’s A-shares were trading at a premium of 18.64 percent over the Hong Kong-listed H-shares. ** The Shanghai stock index is above its 50-day moving average and below its 200-day moving average. (Reporting by Andrew Galbraith; Editing by Sunil Nair)

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