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
** 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
** 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
** 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
** 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)