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Shanghai stocks end higher as Trump, Kim sign 'comprehensive' deal at summit


Tuesday, 12 June 2018 14:37 WIB

The Shanghai Composite IndexSaham Cina Shanghai compositeCSI 300 Blue-Chip


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Shanghai stocks recovered from early losses to end higher on Tuesday, as sentiment improved after U.S. President Donald Trump and North Korean leader Kim Jong Un signed a 'comprehensive' deal aimed at the denuclearisation of the Korean peninsula.

The blue-chip CSI300 index ended 1.2 percent higher at 3,825.95 points, while the Shanghai Composite Index ended up 0.9 percent at 3,079.80 points, snapping a three-session losing streak.

There were no immediate details on the contents of the document, but Donald Trump said he expected the denuclearisation process to start 'very, very quickly'.

Sectors rallied across the board, led by consumer and healthcare firms. Jiangsu Yanghe Brewery rose 6.4 percent to a record high, while the world’s most valuable liquor maker Kweichow Moutai also closed at a fresh peak.

However, caution still prevailed, with more than a dozen of stocks plunging to their lower limit of 10 percent, as investors worried about liquidity conditions amid credit risks and more listings by technology giants that could sap the already-tight funding.

Source: Reuters


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