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China stocks fall on profit-taking, concerns over fresh virus cases Oct 13, 2020
 

SHANGHAI, Oct 13 (Reuters) - China stocks inched lower on Tuesday, on some profit taking after recent sharp gains and concerns after mainland China reported a new cluster of coronavirus infections in the eastern port city of Qingdao, though strong trade data capped losses. ** Some investors were worried that the new cluster in Qingdao could prompt a potential spike in locally transmitted cases linked to the Golden Week holiday that ended last week.

** Mainland China reported its first locally transmitted COVID-19 infections in nearly two months, as Qingdao launched a city-wide testing drive after discovering new cases linked to a hospital designated to treat imported infections. 

** At the midday break, the Shanghai Composite index was down 0.28% at 3,348.90, while the blue-chip CSI300 index was down 0.02%.

** The smaller Shenzhen index was up 0.14%, the start-up board ChiNext Composite index was higher by 0.19% and Shanghai’s tech-focused STAR50 index was up 0.37%. ** Losses were limited by official trade data, which showed China’s imports grew at their fastest pace this year in September, while exports extended their strong gains as more trading partners lifted coronavirus restrictions in a further boost to the world’s second-biggest economy.

 

** “In the near-term, infrastructure-led stimulus looks set to continue alongside a gradual recovery in oil prices, which is likely to keep imports strong,” said Julian Evans-Pritchard, senior China economist at Capital Economics. “Meanwhile, exports should continue to benefit from the recovery in global demand.” ** China’s premier Li Keqiang said the country needs to make arduous efforts to achieve its full-year economic goals, according to a report on Monday from state broadcaster CCTV.

** Trading in Hong Kong’s securities and derivatives markets was canceled on Tuesday due to Typhoon 8 signal.

** Around the region, MSCI’s Asia ex-Japan stock index was firmer by 1.29% while Japan’s Nikkei index was up 0.16%. (Reporting by Winni Zhou and Andrew Galbraith)



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