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China stocks eke out gains on bargain hunting; Hong Kong down

Reuters | Updated: 27-11-2018 10:10 IST | Created: 27-11-2018 10:10 IST
Chinese stocks rose on Tuesday morning as investors bought oversold shares after three days of losses, but uncertainty is capping gains ahead of a highly anticipated meeting between the Chinese and U.S. presidents at the G20 summit this week. ** At the midday break, the Shanghai Composite index was up 10.93 points, or 0.4 percent, at 2,586.74. The index has lost 2.9 percent over the previous three sessions. ** China's blue-chip CSI300 index was up 0.43 percent, with its financial sector sub-index 0.45 percent higher, the consumer staples sector up 0.19 percent, the real estate index down 0.07 percent and the healthcare sub-index up 0.12 percent. ** But despite the gains on Tuesday, expectations for a de-escalation in trade tensions between the U.S. and China dimmed after U.S. President Donald Trump said he expected to move ahead with raising tariffs on $200 billion worth of Chinese imports to 25 percent, from 10 percent at present. He also repeated a threat to put tariffs on all remaining imports from China. ** Profit growth at China's industrial firms slumped for a sixth straight month in October as demand cooled further amid mounting uncertainties stemming from the U.S.-China trade war. ** Chinese H-shares listed in Hong Kong squeaked higher by 0.02 percent to 10,523.12, but the Hang Seng Index fell 0.09 percent to 26,351.56. ** The smaller Shenzhen index was up 0.62 percent and the start-up board ChiNext Composite index was higher by 1.06 percent. ** Around the region, MSCI's Asia ex-Japan stock index was firmer by 0.16 percent while Japan's Nikkei index was up 0.58 percent. ** The yuan was quoted at 6.9448 per U.S. dollar, 0.06 percent weaker than the previous close of 6.9405. ** The largest percentage gainers in the main Shanghai Composite index were Guangxi Guidong Electric Power Co Ltd, up 10.13 percent, followed by ARTS Group Co Ltd, gaining 10 percent and Shanghai Xinhua Media Co Ltd, up by 9.97 percent. ** The largest percentage losses in the Shanghai index were Beihai Gofar Marine Biological Industry Co Ltd, down 7.73 percent, followed by Sichuan Golden Summit Group Joint Stock Co Ltd, losing 7.66 percent and Shanghai DaZhong Public Utilities Group Co Ltd, down by 5.84 percent. ** So far this year, the Shanghai stock index is down 22.11 percent, while China's H-share index is down 10.1 percent. Shanghai stocks have declined 1.04 percent this month. ** The top gainers among H-shares were Byd Co Ltd, up 3.57 percent, followed by China Galaxy Securities Co Ltd , gaining 2.45 percent and China Huarong Asset Management Co Ltd, up by 1.95 percent. ** The three biggest H-shares percentage decliners were Huaneng Power International Inc, which has fallen 1.86 percent, China Pacific Insurance Group Co Ltd, which has lost 1.6 percent and CGN Power Co Ltd, down by 1.5 percent. ** About 7.06 billion shares have traded so far on the Shanghai exchange, roughly 39.5 percent of the market's 30-day moving average of 17.87 billion shares a day. The volume traded was 13.43 billion as of the last full trading day. ** As of 04:19 GMT, China's A-shares were trading at a premium of 16.41 percent over the Hong Kong-listed H-shares. ** In Hong Kong, the sub-index of the Hang Seng index tracking energy shares dipped 0.4 percent while the IT sector rose 1.1 percent. The top gainer on the Hang Seng was AAC Technologies Holdings Inc, up 1.78 percent, while the biggest loser was Want Want China Holdings Ltd, which was down 2.54 percent.

(Reporting by Andrew Galbraith; Editing by Gopakumar Warrier)


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