China stocks end lower as healthcare, tech firms tumble

Reuters2021-07-06

Shanghai, July 6 (Reuters) - China stocks ended lower on Tuesday, with healthcare and tech firms leading the losses, as local investors remained wary of lofty valuations of certain sectors.

** The blue-chip CSI300 index edged down 0.1% to 5,083.10, while the Shanghai Composite Index ended flat at 3,530.26 points.

** Shenzhen's start-up board declined 1.8%, while Shanghai's tech-focused lost 2.7%.

** Leading the declines among sectors, the CSI300 healthcare index tumbled as much as 6% before ending 3.8% lower.

** Hangzhou Tigermed Consulting Co Ltd , Shanghai Fosun Pharmaceutical Group Co Ltd , Aier Eye Hospital Group Co Ltd, Beijing Tongrentang Co Ltd , and Wuxi AppTec Co Ltd retreated between 5% and 10.9%.

** "The growth rates of many healthcare firms could not support their current high valuations," Yan Kaiwen, an analyst with China Fortune Securities said.

** Yan said some investors shifted to cheaper sectors with stable growth, including developers.

** The CSI300 real-estate index climbed 2.9%, with bellwether Vanke up 2.8%.

** Around the region, MSCI's Asia ex-Japan stock index was firmer by 0.08%, while Japan's Nikkei index closed up 0.16%.

** At 0713 GMT, the yuan was quoted at 6.4612 per U.S. dollar, 0.04% firmer than the previous close of 6.4639.

** As of 0714 GMT, China's A-shares were trading at a premium of 39.50% over the Hong Kong-listed H-shares.

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Comments

  • NPC69
    2021-07-06
    NPC69
    Like. 
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    2021-07-06
    Henry33
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    2021-07-06
    JoelLee
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  • JoelLee
    2021-07-06
    JoelLee
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    2021-07-06
    Pluto891
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