May 12, 2020 / 7:51 AM / in 3 months

Shanghai shares end lower on virus resurgence fears, fall in factory prices

* Shanghai stocks down 0.11%, CSI300 index ends flat

* Dollar-traded B-shares plunge on delisting concerns - analyst

* China’s factory prices fell at the sharpest rate in four years in April

BEIJING/SHANGHAI, May 12 (Reuters) - Shanghai shares ended lower on Tuesday on fears about a second wave of coronavirus infections and as a sharp drop in China’s factory prices underscored the economic impact of the pandemic. ** At the close, the Shanghai Composite index was down 0.11% at 2,891.56, trimming some losses after falling 0.59% earlier. ** The blue-chip CSI300 index ended flat, with its financial sector sub-index lower by 0.6%, the consumer staples sector up 0.89%, the real estate index down 1.22% and the healthcare sub-index up 1.37%. ** Wuhan reported on Monday its first cluster of coronavirus infections since a lockdown on the city, the epicentre of the outbreak in China, was lifted a month ago, stoking concerns of a wider resurgence. ** Wuhan also plans to conduct city-wide nucleic acid testing over a period of 10 days, according to an internal document seen by Reuters and two sources familiar with the situation. ** China’s factory prices fell at the sharpest rate in four years in April, highlighting weakening industrial demand in the world’s second-largest economy as the coronavirus pandemic slams global growth. ** The smaller Shenzhen index ended up 0.33%, reversing from earlier losses, and the start-up board ChiNext Composite index was higher by 1.014%. ** Shanghai’s index tracking B-shares, shares that are traded in dollars in Shanghai and HK dollars in Shenzhen, dropped 5.1% on Tuesday, after being down 6.9% by the mid-day break. ** The plunge is likely a result of concerns that some B-share companies could be delisted as Beijing’s reform of the registration-based IPO system in the STAR Market and the ChiNext start-up board could accelerate the devaluation of shell companies, China Fortune Securities’ analyst Yan Kaiwen said. ** The fluctuation is also likely due to the poor liquidity of B-shares, Yan added. ** Around the region, MSCI’s Asia ex-Japan stock index was weaker by 0.95%, while Japan’s Nikkei index closed down 0.12%. ** At 0718 GMT, the yuan was quoted at 7.0931 per U.S. dollar, 0.08% firmer than the previous close of 7.0988.

Reporting by Cheng Leng in Beijing, Luoyan Liu and Andrew Galbraith in Shanghai; Editing by Aditya Soni

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