March 7, 2019 / 7:45 AM / 4 months ago

China blue-chips snap 4 days of gains as Beijing talks up proactive policy

* SSEC +0.1 pct, CSI300 -1 pct

* Finance minister says China will not open ‘floodgate of stimulus’

* Trump says he sees “good deal” or no deal on China trade

SHANGHAI, March 7 (Reuters) - Chinese blue-chips fell on Thursday after four straight sessions of gains while Shanghai shares closed slightly higher in a volatile session of trade, after the finance minister reiterated that China would not seek to flood a slowing economy with stimulus. ** At the close, the Shanghai Composite index was up 0.14 percent at 3,106.42, having earlier lost as much as 0.9 percent. The blue-chip CSI300 index ended 1.02 percent lower. ** The smaller Shenzhen index ended up 0.49 percent, while the start-up board ChiNext Composite index was weaker by 0.48 percent. ** In the latest round of comments indicating that China will avoid broad loosening despite a slowing economy, China’s finance minister said on Thursday that a proactive fiscal policy does not mean Beijing will open a floodgate of stimulus, adding that authorities are highly concerned about local government debt risks. ** Also, reinforcing ongoing uncertainty over the prospects of an end to the U.S.-China trade war, U.S. President Donald Trump said on Wednesday that trade talks with China were moving along well, but predicted either a “good deal” or no deal between the world’s two largest economies. ** The CSI telecommunication services index ended flat after having earlier been dragged lower by Huawei suppliers. The Chinese telecom equipment maker confirmed it is suing the U.S. government over a section of a defence bill passed into law last year that restricted its business in the United States. ** Around the region, MSCI’s Asia ex-Japan stock index was weaker by 0.35 percent, while Japan’s Nikkei index closed down 0.65 percent. ** At 07:16 GMT, the yuan was quoted at 6.7092 per U.S. dollar, 0.05 percent firmer than the previous close of 6.7125. ** The largest percentage gainers on the main Shanghai Composite index were Wintime Energy Co Ltd, up 10.13 percent, followed by Sichuan Western Resources Holding Co Ltd , gaining 10.12 percent, and Qinhuangdao Port Co Ltd , up by 10.11 percent. ** The largest percentage losers on the Shanghai index were Wingtech Technology Co Ltd, down 5.41 percent, followed by Zhengjiang Huazheng New Material Co Ltd, losing 4.98 percent, and Bestsun Energy Co Ltd, down by 4.78 percent. ** So far this year, the Shanghai stock index is up 24.6 percent and the CSI300 has risen 26.5 percent, while China’s H-share index listed in Hong Kong is up 13.2 percent. Shanghai stocks have risen 5.63 percent this month. ** About 58.38 billion shares were traded on the Shanghai exchange, roughly 219.9 percent of the market’s 30-day moving average of 26.55 billion shares a day. The volume in the previous trading session was 55.50 billion. (Reporting by Shanghai Newsroom; Editing by Subhranshu Sahu)

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