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China healthcare, consumer shares fuel strong rally

Tue 18th August, 2020 8:24am
SHANGHAI, Aug 18 (Reuters) - Shanghai stocks ended higher on
Tuesday, extending a previous session's rally, helped by strong
gains in healthcare and consumer stocks. 
    ** At the close, the Shanghai Composite index  .SSEC  was up
0.36% at 3,451.09, while the blue-chip CSI300 index  .CSI300 
slipped 0.05%. 
    ** The tech-heavy start-up board ChiNext  .CNT  added 0.2%,
while the STAR50 index  .STAR50  firmed 1.1%.
    ** Leading the advance, the CSI300 consumer staples index
 .CSI000912  rose 0.9%, having gained 46% so far this year,
while the CSI300 healthcare index  .CSI300HC  increased 1.4% as
investors cheered the progress in the COVID-19 vaccine
development.
    ** Russia's Petrovax has started a late-stage trial of a
COVID-19 candidate vaccine from CanSino Biologics Inc  6185.HK ,
 688185.SS  in the country, records show, as the Chinese drug
firm steps up testing abroad to close in on regulatory approval.
 urn:newsml:reuters.com:*:nL4N2FJ2OX 
    ** The modest gains came after Monday's strong rally, as
investors turned to financial and other traditional players with
low valuations on more signs of economic recovery.
    ** The benchmark Shanghai index  .SSEC  could break through
its resistance area given the active trading, and as investors
seek opportunities in banking, real estate and construction
stocks with low valuations for the short term, Yin Yue, analyst
with Yuekai Securities said in a report.
    ** He noted PBOC's medium-term loans injection on Monday
also alleviated market concerns over the tightening of liquidity
following more signs of economic recovery.  urn:newsml:reuters.com:*:nB9N2F000G 
    ** Bucking the broad strength, Huawei suppliers fell as the
U.S. tightened restrictions on the Chinese tech giant.
 urn:newsml:reuters.com:*:nL4N2FK0GH 
    ** The Trump administration on Monday moved to crack down on
Huawei Technologies Co's  HWT.UL  access to commercially
available chips.  urn:newsml:reuters.com:*:nL1N2FJ0CV 
    ** Ramped-up U.S. restrictions are likely to cut off the
Chinese smartphone maker's access to even off-the-shelf chips
and disrupt the global tech supply chain once again, executives
and experts cautioned.  urn:newsml:reuters.com:*:nL4N2FK12D 

 (Reporting by Shanghai Newsroom; Editing by Shailesh Kuber)
 ((luoyan.liu@thomsonreuters.com; Reuters Messaging:
luoyan.liu.thomsonreuters.com@reuters.net))
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