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China stocks little changed as investors shrug off trade talk resumption

Reuters | Shanghai | Updated: 10-07-2019 10:17 IST | Created: 10-07-2019 10:13 IST
China stocks little changed as investors shrug off trade talk resumption
(Representative Image) Image Credit: Pixabay

China stocks traded little changed on Wednesday morning as investors shrugged off news that Beijing and Washington resumed trade talks, while a flood of initial public offerings targeting Shanghai's new tech board drew attention, diverting funds from the rest of the market. The CSI300 index rose 0.1%, to 3,797.85, by the end of the morning session, while the Shanghai Composite Index was unchanged at 2,927.68.

The Hang Seng index added 0.3%, to 28,205.41, while the Hong Kong China Enterprises Index gained 0.5%, to 10,701.68. ** U.S. and Chinese trade officials held a "constructive" phone conversation on Tuesday, White House economic adviser Larry Kudlow said, marking a new round of talks after the world's two largest economies agreed to a truce in a year-long trade war. "We don't expect a rapid resolution to trade tensions, rather we expect an extended period of confrontation between the US and China - and that means markets will continue to be volatile," Bin Shi, head of China equities, UBS Asset Management, wrote.

Meanwhile, nine Chinese companies, among the first to float on China's red-hot Nasdaq-style tech board, are taking subscriptions from investors on Wednesday, diverting funds from the rest of the market. The busy week of IPOs comes after an official announcement that the first batch of 25 companies will start trading on Shanghai's tech-heavy STAR Market on July 22. This week alone, 21 of them are taking subscriptions from investors.

China's financial sector sub-index was higher by 0.06%, the consumer staples sector rose 0.65%, the real estate index fell 0.12% and the healthcare sub-index gained 0.84%. Chinese H-shares listed in Hong Kong rose 0.48% to 10,701.68, while the Hang Seng Index was up 0.32% at 28,205.41. The smaller Shenzhen index was unchanged for the day and the start-up board ChiNext Composite index was flat. Around the region, MSCI's Asia ex-Japan stock index was firmer by 0.42%, while Japan's Nikkei index was down 0.04%.

The yuan was quoted at 6.8856 per U.S. dollar, 0.03% firmer than the previous close of 6.888. The largest percentage gainers in the main Shanghai Composite index were Jiangsu Chengxing Phosph-Chemical Co Ltd, up 10.12%, followed by Fujian Start Group Co Ltd, gaining 10.04%, and Shanghai Wondertek Software Co Ltd, up by 10.03%. The largest percentage losers in the Shanghai index were Fujian Longxi Bearing Group Co Ltd, down 10%, followed by Harbin High-Tech Group Co Ltd, losing 9.79%, and Zhejiang Xinneng Photovoltaic Technology Co Ltd, down by 6.97%.


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