March 27, 2018 / 7:26 AM / 4 months ago

China stocks snap 4-session losing streak, tech firms shine

* Shanghai stocks higher, blue-chip CSI300 index up

* Gains in Shanghai stocks led by Changchunjingkai Group Co Ltd and losses by HUAYU Automotive Systems Co Ltd

* China’s A-shares are at 24.77 percent premium over H-shares

SHANGHAI, March 27 (Reuters) - China stocks snapped a four-session losing streak to end higher on Tuesday, powered by robust gains in tech firms, and as trade war fears eased on reports of behind-the-scenes talks between the United States and China. ** At the close, the Shanghai Composite index was up 1 percent at 3,166.65, while the blue-chip CSI300 index was up 0.86 percent at 3,913.27. ** The rally was led by tech firms, with the tech-heavy start-up board ChiNextP closing up 3.6 percent, as analysts expected the China-U.S. trade tensions to prompt more reforms and support for China’s emerging industries. ** Sentiment was upbeat amid reports that Chinese and U.S. officials were busy negotiating to avert an all-out trade war. ** Top White House officials are asking China to cut tariffs on imported cars, allow foreign majority ownership of financial services firms and buy more U.S.-made semiconductors in negotiations to avoid plans to slap tariffs on a host of Chinese goods and a potential trade war. ** Chinese Premier Li Keqiang said on Monday China and the United States should maintain negotiations and he reiterated pledges to ease access for American businesses, as China scrambles to avert a trade war. ** The market seemed to be unfazed by data showing profit growth for China’s industrial firms in the first two months of the year slowed from 2017. ** Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.98 percent, while Japan’s Nikkei index closed up 2.65 percent. ** At 07:04 GMT, the yuan was quoted at 6.2492 per U.S. dollar, 0.5 percent firmer than the previous close of 6.2807. ** The largest percentage gainers in the main Shanghai Composite index were Changchunjingkai Group Co Ltd up 10.04 percent, followed by JiLin Sino-Microelectronics Co Ltd gaining 10.04 percent and Sinomach Automobile Co Ltd up by 10.03 percent. ** The largest percentage losses in the Shanghai index were HUAYU Automotive Systems Co Ltd down 3.84 percent, followed by TongKun Group Co Ltd losing 3.19 percent and Hengli Petrochemical Co Ltd down by 2.97 percent. ** About 18.91 billion shares were traded on the Shanghai exchange, roughly 108.5 percent of the market’s 30-day moving average of 17.43 billion shares a day. The volume in the previous trading session was 18.64 billion. ** As of 07:05 GMT, China’s A-shares were trading at a premium of 24.77 percent over the Hong Kong-listed H-shares. (Reporting by Shanghai Newsroom; Editing by Subhranshu Sahu)

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