July 12, 2019 / 7:39 AM / 3 months ago

China stocks track Wall Street's gain; economic data in focus

SHANGHAI, July 12 (Reuters) - China stocks ended higher on Friday ahead of a slew of economic data and tracking Wall Street’s fresh highs overnight buoyed by renewed U.S. rate-cut hopes, but the main domestic indexes closed down for the week.

** The blue-chip CSI300 index rose 0.6%, to 3,808.73 points, while the Shanghai Composite Index gained 0.4% to 2,930.55 points. ** China is due to release June trade and lending data on Friday, while second-quarter GDP figures are scheduled for Monday. China’s economy is expected to have slowed to its weakest pace in at least 27 years, raising hopes for more stimulus ahead.

** Meanwhile, worries over Sino-U.S. trade tensions resurfaced after U.S. President Donald Trump tweeted on Thursday that China was not living up to promises it made on buying agricultural products from American farmers.

** Amid global slowdown and growing trade protectionism, U.S. Federal Reserve Chairman Jerome Powell indicated on Thursday that a rate cut is likely at the central bank’s next meeting.

** The CSI300 financial sector sub-index was higher by 0.85%, the consumer staples sector up 0.83%, the real estate index up 0.65% and the healthcare sub-index up 0.35%. ** The smaller Shenzhen index ended up 0.51% and the start-up board ChiNext Composite index was higher by 0.256%. ** Around the region, MSCI’s Asia ex-Japan stock index was weaker by 0.11%, while Japan’s Nikkei index closed up 0.2%. ** At 0707 GMT, the yuan was quoted at 6.8749 per U.S. dollar, 0.01% weaker than the previous close of 6.874. ** The largest percentage gainers in the main Shanghai Composite index were Jiangsu Chengxing Phosph-Chemical Co Ltd, up 10.1%, followed by Anhui Liuguo Chemical Co Ltd, gaining 10.09% and JCHX Mining Management Co Ltd, up by 10.05%. ** The largest percentage losers in the Shanghai index were Suzhou Secote Precision Electronic Co Ltd down 10%, followed by Central China Securities Co Ltd losing 9.84% and TKD Science and Technology Co Ltd down by 8.17%. (Reporting by Shanghai Newsroom; Editing by Rashmi Aich)

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