China Shares Climb Steadily Under Stimulus Expectations
Tang Shihua
DATE:  Feb 11 2019
/ SOURCE:  yicai

(Yicai Global)  Feb. 11 -- China's stock markets gained steadily this morning as investors anticipated more economic stimulus policies to issue to lug the nation's economy out of its recent slowdown.

The National People's Congress meeting which will convene in Beijing on March 5 is the focus of these hopes.

The benchmark Shanghai Composite Index rose 0.83 percent to 2,639.96 points at the lunch break, while the Shenzhen Component Index increased to 7,859.21 points, up 2.28 percent. Small-cap technology stocks performed most strongly, and the ChiNext Price Index, which tracks Shenzhen's growth enterprises, edged 2.95 percent up to 1,308.78 points.

Beijing Jingxi Culture & Tourism [SHE:000802] traded 10 percent higher to hit the daily limit up set by the exchange, buoyed by the spectacular success of The Wandering Earth, a domestically-produced sci-fi film that stole the show during the country's recent Spring Festival holiday, garnering 1.45 billion yuan (USD210 million) five days after hitting screens. The company invested about CNY108 million (USD16 million) of movie's 300 million total, public data shows.

State-backed China Meheco Group [SHA:600056] fell 1.26 percent at the break after opening down as much as 5 percent because of a product scandal at a subsidiary in which it holds a 51 percent stake.

Shanghai-based China Meheco Xinxing Pharma's immunoglobulin products for intravenous injections were found to be contaminated with human immunodeficiency virus, or HIV, antibodies, per an investigation by the country's National Health Commission.

The company was ordered to halt production and institute an emergency product recall, although the commission has said the risk of contracting HIV is "very low" for those who had its received treatments.

Editor: Ben Armour

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Keywords:   Stock markets,Shanghai Composite Index,Shenzhen Component Index,ChiNext Price Index