China's main stock market indexes ended flat on Wednesday as Beijing’s plans to conduct accounting checks pulled healthcare firms lower, offsetting a regional rebound sparked by the U.S. central bank’s comments that raised hopes of an interest rate cut.
At the close, the Shanghai Composite index was down 0.03% at 2,861.42. The blue-chip CSI300 index was down 0.04%, with its financial sector sub-index higher by 0.41%, the consumer staples sector down 0.52% and the real estate index up 2.28%.
The healthcare sub-index slumped 4.07% after a notice on the website of China’s Ministry of Finance said the country will carry quality checks on accounting information in the pharmaceuticals industry in June and July.
Offering a boost to investor sentiment, Chinese President Xi Jinping said the country’s economy is stable, healthy and well placed to meet all risks and challenges.