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China's blue-chip index ends higher, policy tightening worries cap gains

BEIJING: China’s blue-chip shares closed higher on Wednesday, a day after it hit a near 3-month low, although gains were capped by lingering concerns of policy tightening as the economy recovers.

** The blue-chip CSI300 index ended 0.66% higher, led by a 2.63% jump in its healthcare sub-index and a 1.94% gain in the consumer staples sector.

** The financial sector sub-index was lower by 0.61%, while the real estate index fell 1.06%.

** The Shanghai Composite index closed down 0.05% at 3,357.74.

** The smaller Shenzhen index ended up 0.21% and the start-up board ChiNext Composite index was higher by 1.642%.

** China’s factory gate prices rose at the fastest pace since November 2018 in February as manufacturers raced to fill export orders, raising expectations for robust growth in the world’s second-largest economy in 2021.

** On Tuesday, China’s benchmark Shanghai Composite index stood on the precipice of a correction as investors wrestled with the prospect of tighter policy and a slowing economic recovery.

** Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.19%, while Japan’s Nikkei index closed up 0.03%.

** At 0709 GMT, the yuan was quoted at 6.508 per US dollar, 0.01% firmer than the previous close of 6.5084.

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