News China's stocks end higher, posting their first weekly gain...

China’s stocks end higher, posting their first weekly gain in four


* Shanghai shares gain 0.4%, blue chips 0.7%

* Slowest growth in China in the first quarter since the financial crisis – survey

* Track the corona virus here:

SHANGHAI / HONGKONG, February 14 (Reuters). Chinese stocks closed higher on Friday, marking their first weekly gain in four years. They hoped that government measures to curb the coronavirus outbreak and limit its economic impact could continue to help stocks.

** The Shanghai Composite Index rose 0.4% to 2,917.01, an increase of 1.4% compared to the previous week. The blue chip CSI300 index rose 0.7% to 2.3% compared to the previous week.

** The sub-index for the financial sector of the CSI300 was 1.3% higher, the consumer staples sector rose by 0.7%, the real estate index rose by 3.1% and the sub-index for the healthcare sector rose by 0.2%.

** The smaller Shenzhen index rose 0.4% and the start-up board’s ChiNext Composite index rose 0.2%, giving up some gains after hitting a new three-year high at the beginning of the session.

** China’s coronavirus epidemic showed no signs of peaking at health authorities on Friday, reporting more than 5,000 new cases while passengers on a cruise ship blocked by virus fears from five countries finally disembarked in Cambodia.

** Shanxi Securities said in a note that the expectation of monetary easing will continue to help equities even if production disruptions detract from earnings. The broker gave the growth stocks a tip to win due to the simpler credit terms.

** Foreign investors mostly bought A shares through Stock Connect after the New Year holidays, Morgan Stanley said in a note. Northbound Connect inflows were $ 9.7 billion on Wednesday, the investment bank said.

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World News :

** According to a Reuters survey of economists who said the downturn will be short-lived if the outbreak is contained, the Chinese economy will grow at the slowest rate since the financial crisis this quarter.

** In the region, MSCI’s stock index for Asia excluding Japan was 0.2% firmer, while the Japanese Nikkei index closed 0.6%.

** At 0703 GMT, the yuan was down 0.09% at 6.9837 per US dollar.

** So far, the Shanghai stock index has dropped 4.4% this year and the CSI300 has dropped 2.7%. Shanghai stocks fell 2% this month.

** Around 25.07 billion shares were traded on the Shanghai stock exchange. The volume in the previous trading session was 27.48 billion.

** From 0703 GMT, China’s A shares traded at a 23.60% premium over Hong Kong listed H shares.

** The Shanghai stock index is below its 50-day moving average and below its 200-day moving average. (Reporting by Luoyan Liu and Noah Sin; editing by Uttaresh.V)


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