Banking, transport sectors lead rebound in equities

— China’s stocks recouped early losses sparked by a slide on Wall Street and ended higher on Monday, underpinned by robust gains in banking and transport shares that offset a slump in consumer shares.

At the close, the Shanghai Composite Index was up 25.42 points or 0.73 percent at 3,487.50. The blue-chip CSI300 index was up 0.07 percent, with the financial sector sub-index higher by 1.77 percent, the consumer staples sector down 3.77 percent, the real estate index up 0.30 percent and healthcare sub-index down 1.39 percent. The smaller Shenzhen Index ended down 0.84 percent and the startup board ChiNext Composite Index was weaker by 0.83 percent.

Sentiment was also lifted by a private survey showing China’s services sector got off to a flying start in 2018, expanding at its fastest pace in almost six years.

An index tracking major listed lenders in China jumped 3.5 percent, posting its best day since March 2016, led by China CITIC Bank surging 9.8 percent, as banks forecast solid results.

China’s Hushen 300 Index futures closed lower on Monday, with the contract for FebSHANGHAI ruary 2018 down 0.15 percent to finish at 4,264.0 points; the March contract losing 0.25 percent to close at 4,267.6 points; the June contract down 0.44 percent to finish at 4,286.4 points, and the September contract down 0.48 percent to finish at 4,291.6 points.

Hong Kong’s Hang Seng Index sank 1.09 percent to 32,245.22.

So far this year, the Shanghai stock index is up 4.68 percent, the CSI300 is up 6.03 percent and the mainland’s H-share index listed in Hong Kong is up 15.6 percent. Shanghai stocks have declined 0.54 percent this month.

Asian shares were mostly lower on Monday, extending global stock losses after Wall Street’s big sell-off on deepening investor anxiety over rising bond yields and disappointing quarterly earnings.

Around the region, MSCI’s Asia ex-Japan stock index was weaker by 1.36 percent while Japan’s Nikkei index closed down 2.55 percent.

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