November 1, 2018 / 4:46 AM / 20 days ago

China shares climb as policymakers vow more support

* SSEC +1.1 pct, CSI300 +1.9 pct, HSI +1.8 pct

* Shares seen rising on official moves to support markets

* Brokerage sub-index up 3.15 pct

SHANGHAI, Nov 1 (Reuters) - Chinese shares rose on Thursday after a bruising October that saw the country’s blue-chip index drop more than 8 percent, and as Beijing continued to take steps to support domestic markets.

** At the midday break, the Shanghai Composite index was up 1.13 percent at 2,632.22 points. ** China’s blue-chip CSI300 index was up 1.87 percent, with its financial sector sub-index higher by 0.9 percent, the consumer staples sector up 4.44 percent, the real estate index up 1.7 percent and the healthcare sub-index up 2.69 percent. ** Chinese H-shares listed in Hong Kong rose 1.66 percent at 10,307.11, while the Hang Seng Index was up 1.84 percent at 25,439.97. ** The smaller Shenzhen index was up 2.02 percent and the start-up board ChiNext Composite index was higher by 2.3 percent. ** Chinese regulators will give higher ratings in annual risk evaluations to stock brokerages who are able to help ease listed companies’ margin call pressures, the official Shanghai Securities News reported on Thursday. ** On Wednesday, the Politburo, the top decision-making body of China’s ruling Communist Party, said the government would take more timely steps to support its economy, and would also resolve difficulties facing small and private firms, and promote the long-term healthy development of capital markets. ** “The increase in volatility in capital markets has led to increased attention from policymakers, and a significant factor in worsening market expectations has been concern over the direction of policy,” Chuancai Securities analysts said in a note. ** The analysts added the Politburo meeting had specifically emphasised that already-announced support policies should be implemented as quickly as possible. “The end of this year and beginning of next year will gradually see a concentrated roll-out of new policies,” they said. ** An index tracking major brokerage firms jumped 3.15 percent on Beijing’s efforts to promote the development of capital markets. The sub-index is up more than 26 percent from a low on Oct. 19, as China has announced a series of policies and measures to prop up markets and the real economy. ** Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.93 percent while Japan’s Nikkei index was down 0.83 percent. ** The yuan was quoted at 6.9656 per U.S. dollar, 0.12 percent firmer than the previous close of 6.974. ** The largest percentage gainers in the main Shanghai Composite index were Xinjiang Qingsong Building Materials and Chemicals Group Co Ltd, up 10.13 percent, followed by Beijing AriTime Intelligent Control Co Ltd, gaining 10.07 percent and Ningbo Techmation Co Ltd, up by 10.07 percent. ** The largest percentage losses in the Shanghai index were Zhejiang Hugeleaf Co Ltd, down 10 percent, followed by Hunan Huasheng Co Ltd, losing 6.46 percent and Jiangsu SINOJIT Wind Energy Technology Co Ltd, down by 5.9 percent. ** About 12.38 billion shares have traded so far on the Shanghai exchange, roughly 89.2 percent of the market’s 30-day moving average of 13.88 billion shares a day. The volume traded was 18.06 billion as of the last full trading day. ** The top gainers among H-shares were China Vanke Co Ltd , up 7.66 percent, followed by China Resources Land Ltd , gaining 7.52 percent and Anhui Conch Cement Co Ltd , up by 5.8 percent. ** The three biggest H-shares percentage decliners were SINOPHARM GROUP CO LTD, which has fallen 2.51 percent, China Gas Holdings Ltd, which has lost 2.0 percent and Huaneng Power International Inc, down by 1.4 percent. ** As of 04:24 GMT, China’s A-shares were trading at a premium of 21.98 percent over the Hong Kong-listed H-shares. ** In Hong Kong, the sub-index of the Hang Seng index tracking energy shares rose 0.8 percent while the IT sector rose 4.6 percent. The top gainer on Hang Seng was Country Garden Holdings Co Ltd, up 8.94 percent, while the biggest loser was CLP Holdings Ltd, which was down 1.82 percent.

Reporting by Andrew Galbraith; Editing by Amrutha Gayathri

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