Healthcare, materials nudge China shares higher


SSEC +0.1%, CSI300 +0.17%

Materials, health care firms overcome drag from consumer, industrials

Industrial profits rose in Sept, but at a slower pace

SHANGHAI, Oct 27 (Reuters) - Shanghai shares closed up in a subdued session on Tuesday as gains in materials and healthcare firms nudged the benchmark index higher, but slower profit growth at industrial firms in September underscored continuing challenges to China's recovery.

** Profits at China's industrial firms rose 10.1% in September year-on-year, a fifth straight monthly rise, but growth slowed from August, data from the National Bureau of Statistics showed on Tuesday, as factory-gate deflation and rising raw materials costs undercut a recovery in the manufacturing sector.

** China's economic growth is expected to hit a 44-year low in 2020 as the country recovers from a coronavirus-induced slump, a Reuters poll showed on Tuesday.

** At the close, the Shanghai Composite index .SSEC was up 0.1% at 3,254.32.

** The blue-chip CSI300 index .CSI300 was up 0.17%, with the consumer staples sector .CSI000912 up 0.33%, the real estate index .CSI000952 down 1.67% and the healthcare sub-index .CSI300HC up 2.76%.

** The CSI All Share Materials index .CSIASMI gained 0.73%, with lithium shares rising on expectations of an industry recovery.

** The smaller Shenzhen index .SZSC ended up 0.54% and the start-up board ChiNext Composite index .CNT was higher by 1.261%.

** Trading volumes were low, with about 14.91 billion shares were traded on the Shanghai exchange, roughly 71.9% of the market's 30-day moving average of 20.73 billion shares a day.

** At 0725 GMT, the yuan CNY=CFXS was quoted at 6.7085 per U.S. dollar, 0.05% firmer than the previous close of 6.7118.

** So far this year, the Shanghai stock index is up 6.7% and the CSI300 has risen 14.7%, while China's H-share index listed in Hong Kong is down 10.5%. Shanghai stocks have risen 1.13% this month.

(Reporting by Andrew Galbraith; Editing by Rashmi Aich)

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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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