China shares end higher as slowing GDP adds to stimulus hopes

Anjoy Foods

21/01/2019 07:37

* Shanghai stocks +0.56 pct, blue-chip CSI300 +0.55 pct
    * 2018 GDP growth at 6.6 pct, slowest since 1990
    * China's A-shares at 17.87 pct premium over H-shares

    SHANGHAI, Jan 21 (Reuters) - China shares ended higher on
Monday as investors shrugged off the country's slowest rate of
annual economic growth in 28 years amid expectations that
authorities will pursue more stimulus to support growth.
    
** At the close, the Shanghai Composite index  .SSEC  was up
0.56 percent at 2,610.51.
 
** The blue-chip CSI300 index was up 0.55 percent, with its
financial sector sub-index  .CSI300FS  higher by 0.23 percent
and the healthcare sub-index  .CSI300HC  up 0.38 percent.
 
** The smaller Shenzhen index  .SZSC  ended up 0.61 percent and
the start-up board ChiNext Composite index  .CHINEXTP  was
higher by 0.416 percent.
 
** China's economic growth cooled slightly to 6.4 percent in the
fourth quarter from a year earlier, weighed down by weak
investment, faltering consumer confidence and the trade war with
the United States, leaving 2018 growth at 6.6 percent, the
weakest since 1990.  urn:newsml:reuters.com:*:nL3N1ZK02E
 
** The slowdown was in line with expectations, and "we can
expect more supportive policies," said Larry Hu, an economist at
Macquarie Capital in Hong Kong.
 
** China's Finance Ministry on Friday announced further tax cuts
for small companies as part of an effort to create jobs and
promote economic stability.  urn:newsml:reuters.com:*:nB9N1YN035
 
** Around the region, MSCI's Asia ex-Japan stock index
 .MIAPJ0000PUS  was firmer by 0.11 percent, while Japan's Nikkei
index  .N225  closed up 0.26 percent.
 
** At 07:15 GMT, the yuan  CNY=CFXS  was quoted at 6.7885 per
U.S. dollar, 0.13 percent weaker than the previous close of
6.7795. 
 
** The largest percentage gainers on the main Shanghai Composite
index were Citic Guoan Wine Co Ltd  600084.SS , up 10.17
percent, followed by Shanghai Hongda Mining Co Ltd  600532.SS ,
gaining 10.07 percent, and GigaDevice Semiconductor Beijing Inc
 603986.SS , up by 10 percent.
 
** The largest percentage losers on the Shanghai index were
Changshu Fengfan Power Equipment Co Ltd  601700.SS , down 10.05
percent, followed by Fujian Anjoy Foods Co Ltd  603345.SS ,
losing 7.13 percent, and Pengqi Technology Development Co Ltd
 600614.SS , down by 6.23 percent.
 
** So far this year, the Shanghai stock index is up 4.7 percent
and the CSI300 has risen 5.8 percent, while China's H-share
index listed in Hong Kong is up 5.6 percent. Shanghai stocks
have risen 4.68 percent this month. 
 
** About 16.34 billion shares were traded on the Shanghai
exchange, roughly 119.8 percent of the market's 30-day moving
average of 13.64 billion shares a day. The volume in the
previous trading session was 19.08 billion.

 (Reporting by Andrew Galbraith in SHANGHAI and Noah Sin in HONG
KONG; Editing by Subhranshu Sahu)
 ((Andrew.Galbraith@tr.com; +86 21 6104 1779; Reuters Messaging:
andrew.galbraith.thomsonreuters.com@reuters.net ; Twitter: https://twitter.com/apgalbraith))