|Published : 20 Apr 2017, 14:51:48|
China stocks snap four-day losing streak
China stocks snapped a four-day losing streak on Thursday, with investors continuing to seek cover in defensives such as the consumer and healthcare sectors.
The blue-chip CSI300 index rose 0.5 per cent to 3,461.55 points, while the Shanghai Composite Index edged up 0.1 per cent to 3,172.10.
Chinese shares have been pressured by worries that economic and corporate profit growth will soon start to fade after a strong start to the year.
But the investors drew some solace from Beijing's pledge late on Wednesday to step up policy support if there is a jump in the jobless rate.
Underscoring reduced risk appetite, investors rushed into sectors that promise stable returns and generous dividend payouts, pushing both consumer and healthcare indexes up over 2.0 per cent, while an index tracking liquor makers jumped 3.3 per cent.
Elsewhere, an index tracking the country's major lenders slid to a seven-month low amid worries over increasing regulation, and after Moody's said results of Chinese banks for 2016 showed continued pressure on profitability, reports Reuters.