Stocks rally on hopes of govt boost for tech firms

Source:Reuters-Global Times Published: 2018/8/9 17:23:40

Chinese mainland stocks rebounded on Thursday, with investors snapping up healthcare and property shares battered by a recent sell-off and tech firms rallying on signs the government may offer the sector more support.

The Shanghai Composite Index was up 1.83 percent to end at 2,794.38 points, while the blue-chip CSI300 index closed 2.5 percent up at 3,397.53 points.

Those sectors have been badly mauled in a summer sell-off triggered by the China-US trade dispute, worries over China's slowing economic growth and fears of more curbs to cool property prices.

Healthcare stocks have sunk in the wake of a vaccine scandal. As of Wednesday's close, the healthcare sub-index had fallen 17 percent since July 16.

The latest volley in the trade war did little to dampen investor enthusiasm on Thursday as investors bet on further government support measures.

Technology shares gained after China said it would set up a National Science and Technology Leading Group, raising hopes of a policy boost for homegrown tech firms.

The start-up board ChiNext Composite index jumped 3.44 percent.

Posted in: MARKETS

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