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China stocks end higher on Beijing's plan to trim tariffs on some U.S. imports

Thu 6th February, 2020 8:19am
* Shanghai shares add 1.7%, blue-chips up 1.9%
    * China to halve some U.S. tariffs starting on Feb. 14
    * Jump follows a global rebound on drug discovery rumours

    HONG KONG, Feb 6 (Reuters) - China shares rose for a third
session on Thursday after Beijing said it will soon halve
tariffs levied against some U.S. goods, in an apparent move to
boost business and investor confidence amid a virus outbreak
that has disrupted economic activity.
** The Shanghai Composite index  .SSEC  closed 1.7% higher at
2,866.51. The blue-chip CSI300 index  .CSI300  was up 1.9%.
** During the session, both indexes hit their highest level
since Jan. 23, just before the markets closed for Lunar New Year
break when the coronavirus spread further.
** CSI300's financial sector sub-index  .CSI300FS  rose 1.3%,
the consumer staples sector  .CSI000912  climbed 2.5%, the real
estate index  .CSI000952  was up 0.9% and the healthcare
sub-index  .CSI300HC  was up 2.9%.
** The smaller Shenzhen index  .SZSC  rose 2.9% and the start-up
board ChiNext Composite index  .CNT  gained 3.7%.
** China said it will halve tariffs on some goods imported from
the United States starting on Feb. 14, and reiterated that it
hopes it can work with Washington to eventually scrap all
tariffs in bilateral trade.*:nL4N2A61K6   
** "This helps shift the focus a bit," said Linus Yip, chief
strategist at First Shanghai Securities. "Long-term investors
have been allocating Chinese equities since Monday's drop. Any
good news would accelerate that, and anything that helps fight
the epidemic or the economy is good news."  
** Domestic markets were also lifted by a global rally late
Wednesday that traders attributed to vague rumours of a possible
vaccine or a drug breakthrough for the virus, although they also
said such catalysts were likely to be an excuse for
** The World Health Organization played down such reports of
"breakthrough" of drug discovery on Wednesday.*:nL8N2A5414
** Stocks this week have been aided by policymakers' efforts to
prevent heavy selling, including liquidity injections and de
facto restrictions on selling.*:nB9N2A200C*:nL4N2A20FA
** "We believe market valuations currently are relatively
attractive, (we) can also expect adjustment policy (support),"
analysts at Galaxy Securities wrote in a report, although they
added it will take time for stocks to recover.
** Pictet Asset Management's multi-asset strategy team said they
have reduced equities "across the board" in Hong Kong and
mainland China as these are "economies that are most affected"
by the coronavirus.
** So far this year, the Shanghai stock index is down 6% and the
CSI300 has fallen 4.8%.
** About 31.64 billion shares were traded on the Shanghai
exchange. The volume in the previous trading session was 30.98

 (Reporting by Noah Sin in Hong Kong; editing by Uttaresh.V)
 ((; +852 2841 5782; Reuters
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