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    China's blue-chip index ends lower as healthcare, consumer stocks slip

    Synopsis

    The blue-chip CSI300 index fell 0.4 per cent to 5,140.34, while the Shanghai Composite Index was flat at 3,482.97.

    china stocksAgencies
    Falling the most on Tuesday, the CSI300 healthcare index and CSI300 consumer discretionary index dropped 1.7 per cent and 1.6 per cent, respectively.
    SHANGHAI: China's blue-chip index retreated on Tuesday, pressured by healthcare and consumer companies, as upbeat economic data raised worries of policy tightening.

    The blue-chip CSI300 index fell 0.4 per cent to 5,140.34, while the Shanghai Composite Index was flat at 3,482.97.

    As of last close, the CSI300 had rebounded nearly 6 per cent from a recent trough hit on March 25, while SSEC had gained more than 4 per cent in the same period.

    Falling the most on Tuesday, the CSI300 healthcare index and CSI300 consumer discretionary index dropped 1.7 per cent and 1.6 per cent, respectively.

    Recent economic data has been robust, but analysts warn that it could lead to concerns of inflation and policy tightening.

    A recovery in China's services sector picked up speed in March as firms hired more workers and business optimism surged, although inflationary pressures remained, a private sector survey showed.

    The Caixin/Markit services Purchasing Managers' Index (PMI) rose to 54.3, its highest since December, and well above the 50-mark that separates growth from contraction on a monthly basis.

    If China's inflation and GDP growth data, due later this month, beat expectations, policy tightening worries will be kindled, Huaan Securities said in a report.

    Analysts said foreign investors becoming net sellers via the Stock Connect last week weighed on short-term sentiment and as the issuance of new mutual funds slowed substantially.

    Around the region, MSCI's Asia ex-Japan stock index was firmer by 0.33 per cent, while Japan's Nikkei index closed down 1.3 per cent.

    At 07:07 GMT, the yuan was quoted at 6.552 per U.S. dollar, 0.24 per cent firmer than the previous close of 6.5675.

    As of 07:08 GMT, China's A-shares were trading at a premium of 33.19 per cent over the Hong Kong-listed H-shares.



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    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
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