August 10, 2018 / 4:31 AM / 3 months ago

China tech, healthcare shares rally but Shanghai index slips

* SSEC -0.1 pct, CSI300 flat, HSI -0.5 pct

* CSI healthcare sub-index up 1.7 pct

* Yuan falls on weaker central bank fixing

SHANGHAI, Aug 10 (Reuters) - Rebounding healthcare stocks and a rally in high-tech shares on expectations of policy support boosted Chinese stock markets on Friday, but worries over a worsening U.S.-China trade spat weighed, pulling the main Shanghai index lower.

** At midday, the Shanghai Composite Index was down 3.85 points or 0.14 percent at 2,790.53, reversing earlier gains.

** China’s blue-chip CSI300 index was up 0.02 percent, with its financial sector sub-index down by 0.32 percent, the consumer staples sector up 0.5 percent, the real estate index up 2.36 percent and healthcare sub-index up 1.72 percent.

** The smaller Shenzhen index was up 0.29 percent and the start-up board ChiNext Composite index was higher by 0.55 percent. ** Technology shares have rallied after China said it has revamped a national leadership group charged with planning and studying its key technological development strategies, signalling a potential policy boost for home-grown tech firms.

** Shares in Shenzhen Danbond Technology Co Ltd jumped by the upper limit of 10 pct to 18.03 yuan, after the electronic components manufacturer clarified a media report about its product and contract deals. ** Chinese H-shares listed in Hong Kong fell 0.18 percent to 11,000.05 while the Hang Seng Index was down 0.46 percent at 28,474.38. ** Around the region, MSCI’s Asia ex-Japan stock index was weaker by 0.54 percent while Japan’s Nikkei index was down 0.47 percent. ** The yuan was quoted at 6.8374 per U.S. dollar, 0.28 percent weaker than the previous close of 6.818. ** The largest percentage gainers in the main Shanghai Composite index were Keda Group Co Ltd up 10.07 percent, followed by Nacity Property Service Co Ltd gaining 10.02 percent and Zhejiang Xinneng Photovoltaic Technology Co Ltd up by 10.01 percent.

** The largest percentage losses in the Shanghai index were Anhui Liuguo Chemical Co Ltd down 8.77 percent, followed by Hebei Jinniu Chemical Industry Co Ltd losing 6.41 percent and Angel Yeast Co Ltd down by 6.39 percent.

** So far this year, the Shanghai stock index is down 15.51 percent, while China’s H-share index is down 5.9 percent. Shanghai stocks have declined 2.85 percent this month.

** The top gainers among H-shares were China Resources Land Ltd up 3.21 percent, followed by China Vanke Co Ltd gaining 3.06 percent and Byd Co Ltd up by 2.67 percent.

** The three biggest H-shares percentage decliners were Air China Ltd which has fallen 2.22 percent, Huaneng Power International Inc which has lost 2.0 percent and Anhui Conch Cement Co Ltd down by 1.3 percent.

** About 7.21 billion shares have traded so far on the Shanghai exchange, roughly 51.5 percent of the market’s 30-day moving average of 14.01 billion shares a day. The volume traded was 15.17 billion as of the last full trading day.

** As of 04:03 GMT, China’s A-shares were trading at a premium of 16.16 percent over the Hong Kong-listed H-shares.

** The Shanghai stock index is below its 50-day moving average and below its 200-day moving average.

** The price-to-earnings ratio of the Shanghai index was 12.24 as of the last full trading day while the dividend yield was 2.7 percent.

** So far this week, the market capitalisation of the Shanghai stock index has risen by 2.02 percent to 29.67 trillion yuan.

** In Hong Kong, the sub-index of the Hang Seng index tracking energy shares dipped 0.8 percent while the IT sector fell 0.8 percent. The top gainer on Hang Seng was China Overseas Land & Investment Ltd up 4.31 percent, while the biggest loser was Bank of East Asia Ltd which was down 2.42 percent.

Reporting by Andrew Galbraith; Editing by Sunil Nair

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