China stocks close higher as banks, real estate stocks rally
Wednesday, October 09, 2019       15:09 WIB

March 22, 2016 / 2:15 PM
SHANGHAI,(Reuters) - China stocks erased losses to end higher on Wednesday, as banks and real estate firms jumped, while investors were cautious ahead of important trade talks between the U.S. and China.
The blue-chip CSI300 index rose 0.1% to 3,843.24, while the Shanghai Composite Index closed up 0.4% at 2,924.86.
The U.S. State Department announced visa restrictions on Chinese officials just a day after the U.S. Commerce Department cited the mistreatment of Uighur Muslims in China in its decision to add 20 Chinese public security bureaus and eight companies to a trade blacklist.
Washington is also moving ahead with discussions about restrictions on capital flows into China, Bloomberg reported.
Among sectors, real estate firms led gains, rising due to strong monthly property sales figures and speculation of some localised potential policy easing.
Meanwhile, the CSI300 banks index rose 1.1%, led by China Everbright Bank climbing 3.4%.
China's new bank loans likely rose in September but other key gauges of credit growth remained lacklustre, a Reuters poll showed, reinforcing expectations Beijing needs to deliver more support to stabilise the economy as trade pressures build.
Around the region, MSCI 's Asia ex-Japan stock index was weaker by 0.58%, while Japan's Nikkei index closed down 0.61%.
At 07:15 GMT, the yuan was quoted at 7.1412 per U.S. dollar, 0.07% firmer than the previous close of 7.1465.
The largest percentage gainers on the main Shanghai Composite index were Sino-Agri Leading Biosciences Co Ltd , up 10.03%, followed by GuangDong GenSho Logistics Co Ltd, gaining 10.02% and Sobute New Materials Co Ltd, up by 10.02%.
The largest percentage losers on the Shanghai index were Shanghai Smith Adhesive New Material Co Ltd, down 10.01%, followed by Fujian Raynen Technology Co Ltd losing 9.99% and Zhuzhou Times New Material Technology Co Ltd down by 9.94%.
About 13.04 billion shares were traded on the Shanghai exchange, roughly 69.1% of the market's 30-day moving average of 18.88 billion shares a day. The volume in the previous trading session was 12.55 billion.
As of 07:16 GMT, China's A-shares were trading at a premium of 30.31% over the Hong Kong-listed H-shares. (Reporting by Shanghai Newsroom; editing by Uttaresh.V)

Sumber : Reuters

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