April 24, 2019 / 8:05 AM / 3 months ago

China stocks erase losses as tech-share rally eases monetary policy concerns

SHANGHAI, April 24 (Reuters) - Chinese stocks rose slightly on Wednesday, recouping early losses, as an afternoon rally in technology shares offset concerns that the central bank could scale back the scope of further policy easing.

** The blue-chip CSI300 index rose 0.3 percent, to 4,030.09, while the Shanghai Composite Index gained 0.1 percent to 3,201.61. ** Both indexes were down 0.9 percent in the morning, after the People’s Bank of China injected funds to select commercial banks via its targeted medium-term lending facility (TMLF). The move reinforced views PBOC is likely to put any broader policy easing measures - such as reserve ratio cuts - on hold after recent signs of improvement in the world’s second-largest economy.

** But tech shares rallied sharply in afternoon trading, aiding market sentiment. Interest in tech shares appeared to be ignited by news that several Chinese fund managers won regulatory approval to raise money for new funds targeting Shanghai’s Nasdaq-style technology board.

** The CSI300 financial sector sub-index was up 0.1 percent, the consumer staples sector down 0.11 percent, the real estate index up 0.3 percent and the healthcare sub-index up 0.29 percent. ** The smaller Shenzhen index rose 1.1 percent and the start-up board ChiNext Composite index gained 2.081 percent. ** Around the region, MSCI’s Asia ex-Japan stock index lost 0.27 percent, while Japan’s Nikkei index closed down 0.27 percent. ** The largest percentage gainers in the main Shanghai Composite index were MeiDu Energy Corp, up 10.12 percent, followed by Hunan Corun New Energy Co Ltd, which gained 10.05 percent and HPGC Renmintongtai Pharmaceutical Corp , which rose 10.05 percent. ** The largest percentage losers in the Shanghai index were Jiangsu Luokai Mechanical & Electrical Co Ltd, down 10.02 percent, followed by Greattown Holdings Ltd, which shed 10.01 percent and Datang Telecom Technology Co Ltd that lost 9.98 percent. (Reporting by Shanghai Newsroom; Editing by Shreejay Sinha)

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