May 6, 2020 / 4:56 AM / 3 months ago

China stocks gain as investors eye fresh stimulus

BEIJING/SHANGHAI, May 6 (Reuters) - China shares reversed early losses to gain strength on Wednesday, as investors await follow-up supportive policies ahead of the annual parliament meeting to counter the economic fallout of the coronavirus pandemic.

** At the midday break, the Shanghai Composite index was up 0.08% at 2,862.50 points, after opening more than 1% lower on renewed trade tensions with Washington.

** Stocks are rebounding since late March from the coronavirus-fueled sell-off, helped by massive monetary and fiscal stimulus. Investors are now watching efforts by a number of countries trying to spark their economies by easing restrictions put in place to fight the coronavirus outbreak.

** China’s blue-chip CSI300 index was up 0.01%, with its financial sector sub-index dropping 1.43%, the consumer staples sector was up 0.91%, the real estate index down 2.29% and the healthcare sub-index up 0.98%.

** Chinese H-shares listed in Hong Kong rose 0.63% to 9,759.32, while the Hang Seng Index was up 0.66% at 24,026.31.

** The smaller Shenzhen index was up 0.74% and the start-up board ChiNext Composite index traded 1.07% higher.

** The fresh trade tensions between Washington and Beijing over the holiday period had marginal effect on A-share sentiment, as investors assume no immediate measures will be taken amid ongoing epidemic and economic growth pressures in the United States, said Zhang Gang, analyst with China Central Securities.

** Domestic investors are also waiting for more stimulus measures to materialize ahead of the annual parliament meeting, which is scheduled for the end of the month, Zhang added.

** Shares in China’s major infrastructure firms rally as Beijing unveils plans to launch property investment trusts to spur infrastructure investment. ** China announced plans last Thursday to create a public market for real estate investment trusts (REITs), aiming to channel personal savings and private capital into infrastructure projects without overstretching already debt-laden local governments. ** As of May 5, China reported two new coronavirus cases and 20 new asymptomatic cases, data from the national health authority showed on Wednesday.

** Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.19%. ** The yuan was quoted at 7.0893 per U.S. dollar, 0.37% weaker than the previous close of 7.0629. (Reporting by Cheng Leng in Beijing, Luoyan Liu and Andrew Galbraith in Shanghai, Editing by Sherry Jacob-Phillips)

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