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China stocks end lower as healthcare, tech firms tumble

07/06/2021 | 03:44am EDT

Shanghai, July 6 (Reuters) - China stocks ended lower on Tuesday, with healthcare and tech firms leading the losses, as local investors remained wary of lofty valuations of certain sectors.

** The blue-chip CSI300 index edged down 0.1% to 5,083.10, while the Shanghai Composite Index ended flat at 3,530.26 points.

** Shenzhen's start-up board declined 1.8%, while Shanghai's tech-focused lost 2.7%.

** Leading the declines among sectors, the CSI300 healthcare index tumbled as much as 6% before ending 3.8% lower.

** Hangzhou Tigermed Consulting Co Ltd, Shanghai Fosun Pharmaceutical Group Co Ltd, Aier Eye Hospital Group Co Ltd , Beijing Tongrentang Co Ltd, and Wuxi AppTec Co Ltd retreated between 5% and 10.9%.

** "The growth rates of many healthcare firms could not support their current high valuations," Yan Kaiwen, an analyst with China Fortune Securities said.

** Yan said some investors shifted to cheaper sectors with stable growth, including developers.

** The CSI300 real-estate index climbed 2.9%, with bellwether Vanke up 2.8%.

** Around the region, MSCI's Asia ex-Japan stock index was firmer by 0.08%, while Japan's Nikkei index closed up 0.16%.

** At 0713 GMT, the yuan was quoted at 6.4612 per U.S. dollar, 0.04% firmer than the previous close of 6.4639.

** As of 0714 GMT, China's A-shares were trading at a premium of 39.50% over the Hong Kong-listed H-shares. (Reporting by Shanghai Newsroom, Editing by Sherry Jacob-Phillips)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AIER EYE HOSPITAL GROUP CO., LTD. 6.92% 52.06 End-of-day quote.-9.87%
BEIJING TONGRENTANG CO., LTD -1.50% 31.51 End-of-day quote.31.84%
CHINA VANKE CO., LTD. 0.26% 19.07 End-of-day quote.-33.55%
DAHENG NEW EPOCH TECHNOLOGY INC. 1.67% 12.81 End-of-day quote.25.59%
DATANG HUAYIN ELECTRIC POWER CO., LTD 2.70% 7.24 End-of-day quote.133.55%
HANGZHOU TIGERMED CONSULTING CO., LTD 7.59% 173.5 End-of-day quote.7.36%
NINGBO ZHONGBAI CO., LTD. -0.42% 9.41 End-of-day quote.5.97%
SHANGHAI FOSUN PHARMACEUTICAL (GROUP) CO., LTD. 2.07% 58.7 End-of-day quote.8.72%
SHANGHAI YAHONG MOULDING CO., LTD. -4.88% 17.74 End-of-day quote.59.53%
TOPCHOICE MEDICAL CORPORATION 10.00% 282.04 End-of-day quote.2.00%
WUXI APPTEC CO., LTD. 5.72% 152.4 End-of-day quote.35.75%
ZHUZHOU SMELTER GROUP CO.,LTD. 0.53% 11.34 End-of-day quote.55.77%
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