REFILE-China blue chip shares flat near five-year peak, tech firms weigh

(Corrects typographical errors in fifth bullet) * CSI300 flat, SSEC +0.12% * Tech shares weigh after Nasdaq drop * Muted reaction to Pfizer COVID-19 vaccine news SHANGHAI, Nov 10 (Reuters) – China blue-chips were little changed on Tuesday after scaling five-year highs in the previous session, with tech firms capping […]

(Corrects typographical errors in fifth bullet)

* CSI300 flat, SSEC +0.12%

* Tech shares weigh after Nasdaq drop

* Muted reaction to Pfizer COVID-19 vaccine news

SHANGHAI, Nov 10 (Reuters) – China blue-chips were little changed on Tuesday after scaling five-year highs in the previous session, with tech firms capping small gains after U.S. tech shares slumped overnight and as soft inflation figures defied a broader economic recovery in China.

** At the midday break, China’s blue-chip CSI300 index was up 0.02% and the Shanghai Composite index was 0.12% higher. The blue-chip index had touched an intraday high of 4,997.80 on Monday, its highest level since June 2015. ** Tech shares tracked weakness in the Nasdaq Composite overnight, which fell as companies that have outperformed during the pandemic fell on news of the trial success of an experimental COVID-19 vaccine from Pfizer Inc. ** The CSI info tech sub-index fell 1.02%, the start-up board ChiNext Composite index was weaker by 0.28% and Shanghai’s tech-focused STAR50 index slumped 1.87%. ** The smaller Shenzhen index fell 0.36%. ** Despite gains by airlines and some pharmaceutical firms, enthusiasm over the Pfizer vaccine, which lifted global shares, was generally muted in mainland markets. ** “In China from May through to the present, the epidemic control has been far more effective than in Europe and the U.S., so the overall urgent demand for a vaccine is not as high in China,” said Zhang Gang, an analyst at Central China Securities in Shanghai. ** But the news boosted shares in Hong Kong, where the Hang Seng index was up 0.72% at 26,202.58, though Chinese H-shares listed in Hong Kong fell 0.53% to 10,576.64. ** China’s factory-gate prices fell at a sharper-than-expected pace in October, indicating tepid upstream demand for industrial goods despite a broader economic recovery. ** Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.92% while Japan’s Nikkei index was up 0.48%. ** The yuan was quoted at 6.6059 per U.S. dollar, 0.33% firmer than the previous close of 6.628. (Reporting by Andrew Galbraith; Editing by Rashmi Aich)

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