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China stocks rise for 7th day as virus worries wane

Wed 12th February, 2020 7:50am
* Shanghai shares add 0.9%, blue-chips up 0.8%
    * New daily cases fall to lowest in almost 2 weeks
    * Country's top medical adviser predicts epidemic end in
April

    SHANGHAI/HONG KONG, Feb 12 (Reuters) - Chinese shares closed
higher for the seventh straight session on Wednesday after
officials reported the lowest daily increase in coronavirus
infection cases in nearly two weeks, calming investor nerves
over the epidemic's economic impact.
    
** At the close, the Shanghai Composite index  .SSEC  was up
0.9% at 2,926.90. The blue-chip CSI300 index  .CSI300  rose
0.8%. The indexes also gained in the previous six trading days. 
 
** CSI300's financial sector sub-index  .CSI300FS  rose 0.4%,
the consumer staples sector  .CSI000912  was up 0.2%, the real
estate index  .CSI000952  edged down 0.2% and the healthcare
sub-index  .CSI300HC  was up 1.5%.
 
** The smaller Shenzhen index  .SZSC  ended up 1.6% and the
start-up board ChiNext Composite index  .CNT  rose 2.8%.  
 
** The start-up board index has outperformed other major indexes
this month as investors favour firms that benefit from lower
borrowing costs and have strong growth prospects.
 
** Across mainland China, there were 2,015 new confirmed cases
on Tuesday, the lowest since Jan. 30 when there were 1,982 new
confirmed cases, lending credence to a prediction from the
country's senior medical adviser that the outbreak could be over
by April.  urn:newsml:reuters.com:*:nL4N2AC0WG
 
** Beijing's policies are the core variable at the moment, Zhang
Zhong, an analyst with Guolian Securities wrote in a report,
adding that the Chinese economy will quickly stabilise after the
virus outbreak gets under control.
 
** Around the region, MSCI's Asia ex-Japan stock index
 .MIAPJ0000PUS  was firmer by 0.8%, while Japan's Nikkei index
 .N225  closed up 0.7%.
 
** At 0719 GMT, the yuan  CNY=CFXS  was flat at 6.9661 per U.S.
dollar.
 
** The largest percentage gainers in the main Shanghai Composite
index were Shandong Jinjing Science & Technology Stock Co Ltd
 600586.SS , Routon Electronic Co Ltd  600355.SS  and EGing
Photovoltaic Technology Co Ltd  600537.SS , all up by about
10.1%.
 
** So far this year, the Shanghai stock index is down 4% and the
CSI300 has fallen 2.7%. Shanghai stocks have declined 1.7% this
month. 
 
** About 24.87 billion shares were traded on the Shanghai
exchange. The volume in the previous trading session was 26.92
billion.
 
** As of 07:20 GMT, China's A-shares were trading at a premium
of 23.39% over the Hong Kong-listed H-shares.  .HSCAHPI 
 
** The Shanghai stock index is below its 50-day moving average
and below its 200-day moving average.

 (Reporting by Luoyan Liu and Noah Sin; Editing by Shounak
Dasgupta)
 ((Noah.Sin@thomsonreuters.com; +852 2841 5782; Reuters
Messaging: noah.sin.thomsonreuters.com@reuters.net; Twitter: https://twitter.com/noah_sin))
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