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China share market fell at midday as more tariffs loom; Apple suppliers hit

Updated: 10-09-2018 10:08 IST
China share market fell at midday as more tariffs loom; Apple suppliers hit

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SHANGHAI, Sept 10 (Reuters) - Stocks in China fell on Monday morning as the threat of U.S. tariffs on nearly all of China's exports to the United States continued to hover over markets, and as a tweet from U.S. President, Donald Trump shook suppliers of tech giant Apple.

** At the midday break, the Shanghai Composite index was down 17 points or 0.63 percent to 2,685.30. ** China's blue-chip CSI300 index was down 0.91 percent, with its financial sector sub-index lower by 0.41 percent, the consumer staples sector down 0.69 percent and the real estate index up 1.68 percent. ** Chinese H-shares listed in Hong Kong fell 0.89 percent at 10,465.61, while the Hang Seng Index was down 0.89 percent at 26,733.86. ** Trump warned on Friday he was ready to slap tariffs on virtually all Chinese imports into the United States, threatening duties on another $267 billion of goods on top of $200 billion in imports primed for levies in coming days. ** China said on Friday it will increase export tax rebates for 397 items ranging from some steel products to electronic ones, in a bid to boost prospects for shipments amid its trade war with the United States. ** China's trade surplus with the United States widened to a record in August even as the country's export growth slowed slightly, an outcome that could push President Donald Trump to turn up the heat on Beijing in their cantankerous trade dispute. ** Shares in China-based Apple concept firms fell after U.S. President Donald Trump tweeted on Saturday that Apple Inc should make products in the United States if it wanted to avoid tariffs on Chinese imports. ** Shares in Apple suppliers Luxshare Precision Co Ltd , Shenzhen Sunway Communication Co Ltd and Suzhou Dongshan Precision Manufacturing Co Ltd fell as much as 10 percent on Monday morning. ** The smaller Shenzhen index was down 1.08 percent and the start-up board ChiNext Composite index was weaker by 1.61 percent. ** China's annual consumer inflation accelerated to 2.3 percent in August, the fastest pace since February this year and beating expectations, official data showed on Monday. ** China's drug safety body has found no problems in its inspection of 45 vaccine makers and will step up supervision of vaccine quality, it said on Friday, following a scandal that put children at risk. A sub-index of the CSI300 tracking healthcare firms was down 1.24 percent at midday. ** Chinese conglomerate HNA plans to sell its 7.6 percent stake in German lender Deutsche Bank over the next 18 months. Shares in Hainan Airlines Holding Co Ltd are down 1 percent. ** Shares in East Money Information tumble as much as 10 pct to a near seven-month high, leading a slump in brokerage firms, as low levels of trading volumes eat into their profits. ** Around the region, MSCI's Asia ex-Japan stock index was weaker by 0.68 percent while Japan's Nikkei index was up 0.26 percent. ** The yuan was quoted at 6.8611 per U.S. dollar, 0.17 percent weaker than the previous close of 6.8492. ** The largest percentage gainers in the main Shanghai Composite index were Henan Pinggao Electric Co Ltd, up 10.08 percent, followed by SEC Electric Machinery Co Ltd, gaining 10.04 percent and Xinjiang East Universe Group Gas Co Ltd, up by 10.01 percent. ** The largest percentage losses in the Shanghai index were Jiangsu Yangnong Chemical Co Ltd, down 9.87 percent, followed by Anhui Great Wall Military Industry Co Ltd , losing 9.25 percent and Nanjing Central Emporium Group Stocks Co Ltd, down by 8.17 percent. ** So far this year, the Shanghai stock index is down 18.29 percent, while China's H-share index is down 9.8 percent. Shanghai stocks have declined 0.84 percent this month. ** The top gainers among H-shares were China Railway Group Ltd , up 1.49 percent, followed by Guangdong Investment Ltd , gaining 1.33 percent and PetroChina Co Ltd, up by 0.69 percent. ** The three biggest H-shares percentage decliners were ZhongAn Online P & C Insurance Co Ltd, which has fallen 5.89 percent, Anhui Conch Cement Co Ltd, which has lost 4.3 percent and Hengan International Group Company Ltd, down by 4.1 percent. ** About 6.01 billion shares have traded so far on the Shanghai exchange, roughly 49.9 percent of the market's 30-day moving average of 12.05 billion shares a day. The volume traded was 10.75 billion as of the last full trading day. ** At midday, China's A-shares were trading at a premium of 20.30 percent over the Hong Kong-listed H-shares. ** The Shanghai stock index is below its 50-day moving average and below its 200-day moving average. ** In Hong Kong, the sub-index of the Hang Seng index tracking energy shares dipped 0.2 percent while the IT sector fell 0.7 percent. The top gainer on Hang Seng was Wharf Real Estate Investment Company Ltd, up 2.39 percent, while the biggest loser was Hengan International Group Company Ltd, which was down 4.14 percent.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)