China shares jump most in over 3 wks as agriculture, steel stocks firm on rising demand

SHANGHAI: China shares ended higher on Wednesday, rising the most in more than three weeks, with agriculture and steel stocks leading gains, as demand surges on sustained upbeat economic momentum.

At the close, the Shanghai Composite index was up 0.61 per cent at 3,462.75, its biggest single-day jump since April 19, while the blue-chip CSI300 index was up 0.43 per cent.

Leading the gains, the healthcare sub-index and the agriculture sub-index were both up 1.79 per cent, while the consumer staples sector gained 1.06 per cent.

Gansu Jiu Steel Group Hongxing Iron & Steel Co Ltd were among the largest percentage gainers in the main Shanghai Composite index by rising the daily limit of 10 per cent.

Vehicle sales in China rose 8.6 per cent in April versus the same month a year earlier, their 13th consecutive month of gains, as the world's biggest car market leads the sector's recovery from the COVID-19 pandemic.

The real estate index fell 1.53 per cent after Beijing held a meeting about property tax to curb speculation in the housing market.

The smaller Shenzhen index ended up 0.9 per cent and the start-up board ChiNext Composite index was higher by 1.34 per cent.

Around the region, MSCI's Asia ex-Japan stock index was weaker by 0.84 per cent, while Japan's Nikkei index closed down 1.61 per cent.

At 07:04 GMT, the yuan was quoted at 6.4404 per U.S. dollar, 0.19 per cent weaker than the previous close of 6.4283.