for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up
Mercados

China's tech-heavy ChiNext rallies for second day on historic market reform

* SSEC -0.4%, CSI300 0.1%

* HK->Shanghai Connect daily quota used 6.4%, Shanghai->HK daily quota used 1.3%

BEIJING/SHANGHAI, Aug 25 (Reuters) - Shares on China’s tech-heavy ChiNext board rallied for the second trading day on Tuesday as investors cheered the latest reform and relaxation of the bourse’s listing and trading rules. ** At the close, the blue-chip CSI300 index was up 0.13%, with its consumer staples sector up 1.85%, while utilities index was down 1.75%. The Shanghai Composite index was down 0.36% at 3,373.58 ** ChiNext rose 0.63%, while the STAR50 index was down 1.58%. ** Shares of a dozen companies surged for a second day after their debut on the ChiNext board on Monday, following a historic reform that allows Shenzhen to challenge Shanghai for tech listings. ** Anhui Jinchun Nonwoven Co triggered intraday circuit breakers twice on Tuesday, as its shares soared by 76.9%. Shares of Shengyuan Environmental Protection Co , which debuted a day earlier, also surged 56.1% on Tuesday. ** New ChiNext shares can now trade without daily cap for the first five trading days, and can trade up to 20% in sessions afterwards. It allowed shares to rise or fall up to 10% previously. ** BOC International analysts wrote that a revamped ChiNext board will benefit brokerages who have listing projects on hand and new shares in the short term, and tech shares in the long run. ** To add relief to the market, China said on Tuesday it agreed with the United States to continue pushing forward the implementation of the Phase 1 trade deal reached earlier this year during a call between top trade negotiators of the two countries. ** Around the region, MSCI’s Asia ex-Japan stock index was firmer by 1.38%, while Japan’s Nikkei index closed up 1.35%. ** At 07:02 GMT, the yuan was quoted at 6.9125 per U.S. dollar, 0.09% firmer than the previous close of 6.919. (Reporting by Cheng Leng in Beijing, Luoyan Liu and Andrew Galbraith in Shanghai; Editing by Shailesh Kuber)

for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up