March 14, 2019 / 7:31 AM / 4 months ago

Bleak output data, trade concerns dent China shares

* Shanghai Composite index -1.2 pct, CSI300 -0.7 pct

* ChiNext board -2.6 pct amid new tech board anticipation

* Jan-Feb industrial production at 17-year low

* Trade uncertainty remains as Trump ‘in no rush’ for deal with China

SHANGHAI, March 14 (Reuters) - Shares in China ended lower for a second consecutive session on Thursday after data underscored concerns about slowing growth in the world’s second-largest economy, amid ongoing uncertainty over a deal to end the Sino-U.S. trade dispute. ** At the close, the Shanghai Composite index was down 1.2 percent at 2,990.69. The blue-chip CSI300 index was down 0.69 percent. ** The smaller Shenzhen index ended down 2.31 percent and the start-up board ChiNext Composite index was weaker by 2.58 percent. The imminent launch of a highly anticipated new tech board is seen as putting pressure on the ChiNext board amid fiercer competition for listing resources. ** China’s industrial output rose 5.3 percent in the first two months of the year, the National Bureau of Statistics (NBS) said, less than expected and the slowest pace since early 2002. However, investment picked up speed as the government fast-tracked more road and rail projects, and more monetary policy support is expected this year. ** The People’s Bank of China on Thursday reiterated its intention to strike a balance between stabilising growth and preventing risks, and to step up counter-cyclical adjustment of monetary policy. ** However, adding to trade worries, U.S. President Donald Trump said on Wednesday he was in no rush to complete a trade pact with China, including protection for intellectual property, a major sticking point between the two sides during months of negotiations. ** A sub-index tracking securities firms dropped 3.33 percent after China’s securities regulator said it has tightened scrutiny over grey-market margin financing, barring brokerages from facilitating shadow lending and warning against risks of another credit-fuelled bubble. ** Around the region, MSCI’s Asia ex-Japan stock index was weaker by 0.25 percent, while Japan’s Nikkei index closed down 0.02 percent. ** At 0714 GMT, the yuan was quoted at 6.713 per U.S. dollar, 0.09 percent weaker than the previous close of 6.707. ** The largest percentage gainers in the main Shanghai Composite index were Citychamp Dartong Co Ltd, which ended up 10.11 percent, followed by Hunan Tyen Machinery Co Ltd , which closed 10.09 percent firmer and Changchun Sinoenergy Corp, which ended up by 10.06 percent. ** The largest percentage losses in the Shanghai index were Shanghai Jielong Industry Group Corp Ltd, which ended down 10.06 percent, followed by Shanghai Xinhua Media Co Ltd, which closed down 10.05 percent and Hualing Xingma Automobile Group Co Ltd, which ended 10.04 percent lower. ** So far this year, the Shanghai stock index is up 19.9 percent and the CSI300 has risen 22.8 percent , while China’s H-share index listed in Hong Kong is up 12.8 percent. Shanghai stocks have climbed 1.69 percent this month. (Reporting by Shanghai Newsroom, Editing by Sherry Jacob-Phillips)

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