July 10, 2018 / 7:21 AM / 9 months ago

China stocks extend gains, aided by real estate, transport shares

* Shanghai stocks higher, blue-chip CSI300 index up

* Gains in Shanghai stocks led by Shanghai Hongda Mining Co

* Losses led by Ningxia Xinri Hengli Steel Wire Rope Co

* China’s A-shares are at 21.14 pct premium to H-shares

SHANGHAI, July 10 (Reuters) - China stocks ended higher on Tuesday, aided by gains in real estate and transport firms. ** The blue-chip CSI300 index rose 0.24 percent to 3,467.52, while the Shanghai Composite Index closed up 0.4 percent at 2,827.63. ** However, the recent rebound was seen by many as “technical” in nature, as worries over a full-blown trade war between China and the United States persist. ** “The direct impact from the tariffs on $50 billion worth of goods each will be controllable, though Sino-U.S. trade spat regarding industry upgrade could further escalate rather than cool, as the core intention of the U.S. is to contain China’s economic transformation and upgrading, and to protect its own edge,” brokerage Bohai Securities wrote in note. ** Major Chinese ports have started clearing goods from the United States on Monday, as new tariffs on U.S. imports have gone into effect, three sources told Reuters, as the trade spat escalated into an outright war last Friday. ** Amid a deleveraging campaign and economic uncertainty triggered by the trade war, China’s financial regulator has told banks to “significantly cut” lending rates for small firms in the third quarter compared with the first quarter. ** Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.05 percent while Japan’s Nikkei index closed up 0.66 percent. ** At 07:00 GMT, the yuan was quoted at 6.6131 per U.S. dollar, 0.02 percent weaker than the previous close of 6.6117. ** The largest percentage gainers in the main Shanghai Composite index were Shanghai Hongda Mining Co Ltd up 10.14 percent, followed by Sichuan Western Resources Holding Co Ltd gaining 10.12 percent and Shandong Cynda Chemical Co Ltd up by 10.03 percent. ** The largest percentage losses in the Shanghai index were Ningxia Xinri Hengli Steel Wire Rope Co Ltd down 9.98 percent, followed by Huayi Electric Co Ltd losing 9.95 percent and Zhengping Road & Bridge Construction Co Ltd down by 5.83 percent. ** So far this year, the Shanghai stock index is down 14.5 percent, the CSI300 has fallen 14 percent while China’s H-share index listed in Hong Kong is down 7.1 percent. Shanghai stocks have declined 0.7 percent this month.

** About 11.71 billion shares were traded on the Shanghai exchange, roughly 88.4 percent of the market’s 30-day moving average of 13.25 billion shares. The volume in the previous trading session was 12.15 billion. ** As of 07:01 GMT, China’s A-shares were trading at a premium of 21.14 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. ** The price-to-earnings ratio of the Shanghai index was 12.2 as of the last full trading day while the dividend yield was 2.7 percent. ** So far this week, the market capitalisation of the Shanghai stock index has risen by 2.47 percent to 29.75 trillion yuan. (Reporting by Shanghai Newsroom; Editing by Gopakumar Warrier)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below