China stocks soar, with healthcare and tech leading gains

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Chinese stocks rose on Thursday, with healthcare and information technology companies leading gains as strong inflows from overseas helped sentiment despite weak volume ahead of the Lunar New Year holiday.

The CSI 300 index, which brings together the largest companies listed in Shanghai and Shenzhen, closed up 0.62%, while the Shanghai index rose 0.49%.

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Hong Kong’s Hang Seng Index ended down 0.12%.

Other Asian stocks struggled to advance after weak US consumer data fueled concerns of a recession.

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Chinese drugmakers rushed to produce fever drugs and other treatments for Covid-19 after President Xi Jinping said he was concerned about travel to rural areas ill-equipped to deal with sudden outbreaks.

Healthcare and information technology stocks advanced 2.2% and 2.6%, respectively, to lead gains.

The week-long holiday officially begins on Jan. 21, and economists will be looking for clues about a consumer recovery in the country.

  • In TOKYO, the Nikkei index fell 1.44% to 26,405 points.
  • In HONG KONG, the HANG SENG index fell 0.12% to 21,650 points.
  • In SHANGHAI, the SSEC index gained 0.49% to 3,240 points.
  • The CSI300 index, which gathers the largest companies listed in SHANGHAI and SHENZHEN, advanced 0.62%, to 4,156 points.
  • In SEOUL, the KOSPI index appreciated by 0.51%, at 2,380 points.
  • In TAIWAN, the TAIEX index remained closed.
  • In SINGAPORE, the STRAITS TIMES index lost 0.41% to 3,276 points.
  • In SYDNEY, the S&P/ASX 200 index advanced 0.57% to 7,435 points.

Source: CNN Brasil

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