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China stocks rise on policy hopes; start-ups lead

Wed 5th February, 2020 7:38am
* Shanghai shares add 1.3%, blue-chips up 1.1%
    * China readies more measures to stabilise economy -sources
    * Tech-heavy start-up board drives market's gain

    SHANGHAI/HONG KONG, Feb 5 (Reuters) - China stocks climbed
on Wednesday as investors bet on further policy support from
Beijing to offset the impact of a fast-spreading new
coronavirus, with start-ups leading the gains.
    
** At the close, the Shanghai Composite index  .SSEC  was up
1.3% at 2,818.09, moving further away from a one-year bottom hit
during Monday's selloff. The blue-chip CSI300 index  .CSI300 
gained 1.1%.
** CSI300's financial sector sub-index  .CSI300FS  was higher by
0.3%, the consumer staples sector  .CSI000912  rose 1.4%, the
real estate index  .CSI000952  was up 0.4% and healthcare shares
 .CSI300HC  rallied 3.3%.
** The smaller Shenzhen index  .SZSC  rose 2.5%, while the
tech-heavy start-up board index ChiNextP  .CNT  rallied as much
as 4.4% before closing 3% higher - trading at levels last seen
before the Lunar New Year holiday.
** Among best performers in the index were Shenzhen Mindray
Bio-Medical Electronics  300760.SZ  and battery maker CATL
 300750.SZ . Both surged by their 10% daily limits.
** Strong gains in China's start-up board companies boosted
broader market sentiment, said Zhang Gang, an analyst with China
Central Securities. 
** Reuters reported on Tuesday Chinese policymakers are readying
measures to support an economy jolted by a coronavirus outbreak
that is expected to have a devastating impact on first-quarter
growth.  urn:newsml:reuters.com:*:nL4N2A32XZ 
** The death toll in China passed 490, as two U.S. airlines
suspended flights to Hong Kong following the first fatality
there and 10 cases were confirmed on a quarantined Japanese
cruise ship.  urn:newsml:reuters.com:*:nL4N2A50AN    
** China's central bank said on Tuesday that its huge liquidity
injections through open market operations this week showed its
determination to restore market confidence.  urn:newsml:reuters.com:*:nB9N29N00J 
** Some listed companies announced share buybacks, while fund
managers and their employees also planned to purchase their own
funds to buy equities. 
** Growth in China's services sector slowed for a second
straight month in January, a traditionally busy sales season, a
private sector survey showed.  urn:newsml:reuters.com:*:nZRN0007TW
** Around the region, MSCI's Asia ex-Japan stock index
 .MIAPJ0000PUS  was firmer by 0.4%, while Japan's Nikkei index
 .N225  was up 1%.
** The onshore yuan  CNY=CFXS  was flat at 6.9991 by 0710 GMT. 
** So far this year, the Shanghai stock index is down 7.6% and
the CSI300 has fallen 6.5%.
** About 30.98 billion shares were traded on the Shanghai
exchange. The volume in the previous trading session was 36.4
billion. 
** The Shanghai stock index is below its 50-day moving average
and below its 200-day moving average.

 (Reporting by Luoyan Liu in Shanghai and Noah Sin in Hong Kong;
Editing by Subhranshu Sahu)
 ((luoyan.liu@thomsonreuters.com; Reuters Messaging:
luoyan.liu.thomsonreuters.com@reuters.net))
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