China stocks end firmer as investors switch into tech from property

lunes 7 de diciembre de 2015 03:12 GYT
 

SHANGHAI Dec 7 (Reuters) - China stocks edged up on Monday, with investors rotating from property companies back into tech and healthcare, sectors that Beijing hopes will be new engines of growth.

The blue-chip CSI300 index rose 0.3 percent, to 3,687.61, while the Shanghai Composite Index also gained 0.3 percent, to 3,536.93 points.

But reflecting investor caution, trading volume in Shanghai shrank to a one-month low.

A slew of data in coming weeks is likely to show China's economic performance remains sluggish, reinforcing expectations that Beijing will implement more stimulus measures in coming months.

Investors appeared on Monday to favour sectors seen benefiting from a government-engineered economic restructuring, as Premier Li Keqiang vowed over the weekend to ruthlessly deal with "zombie" firms.

Shenzhen's start-up board ChiNext, which hosts many of China's hi-tech firms, jumped nearly 2 percent, while an index tracking major healthcare companies advanced 2.1 percent, with traditional Chinese medicine maker Beijing Tongrentang jumping the maximum allowed 10 percent.

But property plays pulled back sharply after last week's rebound, which was triggered by a 33 percent surge for China Vanke Co.

On Monday, Vanke slumped more than 5 percent, after disclosing that the recent jump was the result of Shenzhen Jushenghua Co buying additional shares, and becoming Vanke's top shareholder.

CITIC Securities fell 1.8 percent. The company said on Sunday that it was not able to contact two of its top executives, following media reports that they had been asked by authorities to assist in an investigation. (Reporting by Samuel Shen and Pete Sweeney; Editing by Jacqueline Wong)