Chinese stocks gain most in more than a week on bargain-buying, tech board soars

Credit: REUTERS/ALY SONG

China's benchmark index posted the biggest gain in more than a week on Wednesday as investors bought up shares after recent slumps, while the tech-focused STAR board soared on new listings.

SHANGHAI, July 29 (Reuters) - China's benchmark index posted the biggest gain in more than a week on Wednesday as investors bought up shares after recent slumps, while the tech-focused STAR board soared on new listings.

** At the close, the Shanghai Composite index .SSEC was up 2.06% at 3,294.55, its best daily performance since July 20.

** The blue-chip CSI300 index .CSI300 was up 2.42%, the largest daily gain since last Monday, with its financial sector sub-index .CSI300FS higher by 2.22%, the consumer staples sector .CSI000912 up 0.82%, the real estate index .CSI000952 up 1.12% and the healthcare sub-index .CSI300HC up 4.04%.

** The smaller Shenzhen index .SZSC ended up 2.9% and the start-up board ChiNext Composite index .CNT was higher by 3.783%.

** Shanghai's tech-focused STAR 50 Index .STAR50 surged by 5.45% on the day, with shares of newly-listed Eyebright Medical Technology Beijing Co Ltd 688050.SS soared by 616.8%.

** "It's a technical rebound following the big correction last week," said Ren Chengde, an analyst with China Galaxy Securities, adding however that there was uncertainty on the upward momentum. "Many investors are taking the wait-and-see mode in front of returned coronavirus cases and the economic impact it would bring."

** China reported 101 new COVID-19 cases in the mainland for July 28, the highest in over three-and-a-half months, with many of the new infections coming from the far western region of Xinjiang.

** The benchmark index slumped by nearly 4% last Friday, as investors fretted over an escalation in tensions between Beijing and Washington after China ordered the U.S. to close its consulate in Chengdu in a tit-for-tat response.

** Around the region, MSCI's Asia ex-Japan stock index .MIAPJ0000PUS was firmer by 0.1%, while Japan's Nikkei index .N225 closed down 1.15%.

** At 07:17 GMT, the yuan CNY=CFXS was quoted at 7.0028 per U.S. dollar, 0.01% weaker than the previous close of 7.002.

(Reporting by Cheng Leng and Andrew Galbraith Editing by Gareth Jones)

((cheng.leng@thomsonreuters.com; +8610-5669-2129;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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