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Chinese shares closed with an increase

Chinese shares closed higher on Wednesday, led by EVs and healthcare stocks on solid gains. The new energy vehicle sector sub-index hiked by 2.58%, and the healthcare sub-index increased by 2.11%. Meanwhile, investors expected a likely politburo meeting later this week.

At the close, the Shanghai Composite Index gained 0.42% to 3,457.07, and the blue-chip index increased by 0.56%.

The consumer staples sector slipped by 0.03%. At the same time, the real estate index dropped by 0.14%.

The smaller Shenzhen index declined by 0.8%, and the start-up board, ChiNext Composite index, hiked by 2.162%. The tech-focused STAR 50 index surged by 0.94%.

Shares in Contemporary Amperex Technology Co Ltd, a China-based supplier of power battery systems, surged by 5.3%. The world’s biggest battery maker for new energy vehicles announced a 22% jump in its 2020 net profit.

Later this week, the politburo, the top decision-making body of China’s ruling Communist Party, will hold a meeting, and investors have an eye on it.

The Tokyo Stock Exchange gains 0.21%

The Tokyo Stock Exchange closed today with a 0.21% increase. The Nikkei, its primary indicator, was encouraged by the prospects of good financial results among Japanese companies and the yen’s devaluation.

The Nikkei gained 62.08 points and finished at 29,053.97 integers. Meanwhile, the broader Topix index, including the stocks with the largest caps, gained 5.51 points or 0.29%, up to 1,909.06 integers.

The Tokyo stock market moved in positive territory most of the day, encouraged by the good prospects of Japanese companies. They will present their financial results for the past fiscal year in the next few days.

The local benchmark, tech giant Softbank, lost 1.48%. Meanwhile, Japan’s auto leader Toyota Motor gained 1.55%.

Sony closed with an increase of 3.14%, and Nintendo, the video game company, posted an advance of 2.04%.

The sectors that accumulated the highest profits were brokerages, mining, and transportation equipment.

 

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