Investors turn to defensive stocks

SHANGHAI: Mainland stocks rose for the first time in three days, led by power producers and healthcare companies, as investors sought industries that would be most shielded against a slowdown in the economy.

The Shanghai Composite Index rose 39.60, or 1.3 percent, to close at 3022.18, the most since Feb 3 and erasing a 0.9 percent loss. The CSI 300 Index gained 1.4 percent to 3244.48.

"The market is turning to defensive stocks with solid earnings prospects," said Dai Ming, a fund manager at Shanghai Kingsun Investment Management & Consulting Co. "The market is likely to be rangebound given the government tightening."