China stocks gain on bargain-buying after slump

Techtronic Industries Co

29/07/2020 05:38

* SSEC 1.1%, CSI300 1.4%, HSI 0.1%
    * HK->Shanghai Connect daily quota used 3.3%, Shanghai->HK
daily
quota used 3.7%
    * FTSE China A50 +0.8%

    SHANGHAI, July 29 (Reuters) - China shares gained on
Wednesday with a sector-wide rebound as investors bought up
shares after recent slumps, but analysts said the resurgence of
cases of the novel coronavirus cast uncertainty on the upward
momentum.
 
** At the midday break, the Shanghai Composite index  .SSEC  was
up 1.05% at 3,261.76. 
 
** China's blue-chip CSI300 index  .CSI300  was up 1.39%, with
its financial sector sub-index  .CSI300FS  higher by 1.41%, the
consumer staples sector  .CSI000912  down 0.58%, the real estate
index  .CSI000952  up 0.13% and the healthcare sub-index
 .CSI300HC  up 2.94%.
 
** Chinese H-shares listed in Hong Kong  .HSCE  rose 0.25% to
10,177.56 and the Hang Seng Index  .HSI  was up 0.1% at
24,798.53. 
 
** The smaller Shenzhen index  .SZSC  was up 1.64% and the
start-up board ChiNext Composite index  .CNT  gained 2.41%. 
 
** "It's a technical rebound following the big correction last
week," said Ren Chengde, an analyst with Galaxy Securities. "By
sectors, the share performance is mixed, as many investors are
taking the wait-and-see mode in front of returned coronavirus
cases and the economic impact it would bring."
 
** China reported 101 new COVID-19 cases in the mainland for
July 28, the highest in over three-and-a-half months, with many
of the new infections coming from the far western region of
Xinjiang.  urn:newsml:reuters.com:*:nL3N2F003Y
 
** The benchmark index slumped by nearly 4% last Friday, as
investors fretted over an escalation in tensions between Beijing
and Washington after China ordered the U.S. to close its
consulate in Chengdu in a tit-for-tat response.
** Around the region, the MSCI's Asia ex-Japan stock index
 .MIAPJ0000PUS  was firmer by 0.09%, while Japan's Nikkei index
 .N225  was down 1.02%.
 
** The yuan  CNY=CFXS  was quoted at 7.0026 per U.S. dollar,
0.01% weaker than the previous close of 7.002. 
    

 (Reporting by Cheng Leng and Andrew Galbraith; editing by
Uttaresh.V)
 ((cheng.leng@thomsonreuters.com; +8610-5669-2129;))