Shanghai Composite ends higher as China steps up supervision of overseas-listed firms

SHANGHAI: China shares closed higher on Wednesday, helped by robust strength in Shenzhen’s start-up board ChiNext and Shanghai’s tech-focused STAR Market, after Beijing stepped up supervision of Chinese firms listed overseas. At the close, the Shanghai Composite index was up 0.66% at 3,553.72 and the blue-chip CSI300 index was up 1.13%.

Leading the gains, the sub-index tracking new-energy vehicle makers and suppliers jumped 5.77%, the rare earth sub-index surged 5.01% and the healthcare sub-index rose 2.54%.

The financial sector sub-index was lower by 0.32%, the consumer staples sector up 0.31%, the real estate index down 1.23% and the healthcare sub-index up 2.54%. The smaller Shenzhen index ended up 1.68%, the ChiNext Composite index was higher by 3.572% and STAR50 index was up 2.43%

Battery maker EVE Energy Co gained 13% while Ningbo Ronbay New Energy Technology, a material supplier for lithium batteries, surged 20%.

China will upgrade law enforcement on illegal activities in the securities market such as financial fraud, insider trading and market manipulation, its cabinet said on Tuesday.

The country will also step up supervision of Chinese firms listed offshore, days after Beijing launched a cybersecurity investigation into ride-hailing giant Didi Global Inc on the heels of its U.S. stock market listing. Around the region, MSCI’s Asia ex-Japan stock index was weaker by 0.36%, while Japan’s Nikkei index closed down 0.96%. At 07:13, the yuan was quoted at 6.4684 per U.S. dollar, 0.16% firmer than the previous close of 6.4788.

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