August 20, 2018 / 7:49 AM / 3 months ago

China stocks end higher as report of regulator meeting lifts sentiment

SHANGHAI, Aug 20 (Reuters) - Shanghai stocks recovered from a 2-1/2-year low to close higher on Monday after a report that China’s securities regulators summoned brokerage analysts for views on the market improved investor sentiment.

** The Shanghai Composite index ended up 29.50 points or 1.1 percent at 2,668.97. Earlier in the trade, the index fell up to 0.6 percent to 2653.1119, the lowest since Feb. 26, 2016.

** The China Securities Regulatory Commission (CSRC) held a closed-door meeting with some brokerage economists and strategists on Monday to hear their views on the market, the Official China Securities Journal reported. Although the CSRC did not provide any policy guidance, the regulators’ meeting helped improve market sentiment.

** Reports that China and the United States will hold lower-level trade talks this month offered hope that both nations might resolve an escalating trade tariff war.

** The blue-chip CSI300 index ended 1.17 percent higher, with its financial sector sub-index closing 1.76 percent up, the consumer staples sector ended up 1.24 percent, the real estate index closed 1.99 percent firmer and healthcare sub-index closed down 1.95 percent. ** The smaller Shenzhen index ended up 0.6 percent and the start-up board ChiNext Composite index closed 0.1 percent firmer. ** Around the region, MSCI’s Asia ex-Japan stock index closed 0.8 percent firmer, while Japan’s Nikkei index closed down 0.32 percent. ** At 0711 GMT, the yuan was quoted at 6.8538 per U.S. dollar, 0.47 percent firmer than previous close of 6.8865. ** The largest percentage gainers in the main Shanghai Composite index were Shaanxi Baoguang Vacuum Electronic Apparatus Co Ltd , which ended up 10.06 percent, followed by China Sports Industry Group Co Ltd, which closed 10.04 percent firmer and Shanghai Shibei Hi-Tech Co Ltd, which ended 10.04 percent higher. ** The largest percentage losses in the Shanghai index were Beihai Gofar Marine Biological Industry Co Ltd, which ended 10.05 percent down, followed by Gansu Gangtai Holding Group Co Ltd, which closed 10.01 percent down and Hylink Digital Solution Co Ltd,w hich closed 10.01 percent weaker. ** As of 0712 GMT, China’s A-shares were trading at a premium of 17.32 percent over the Hong Kong-listed H-shares. ** The Shanghai stock index is below its 50-day moving average and below its 200-day moving average. (Reporting by Shanghai Newsroom, Editing by Sherry Jacob-Phillips)

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