April 27, 2018 / 4:44 AM / 2 years ago

China stocks extend losses, consumer and real estate firms weigh

* SSEC -0.7 pct, CSI300 -1.0 pct, HSI 0.1 pct

* HK->Shanghai Connect daily quota used 16 pct, Shanghai->HK daily quota used 0 pct

* FTSE China A50 -1.8 pct, BNY Mellon ADR China Select Index +1.2 pct

SHANGHAI, April 27 (Reuters) - China stocks extended losses on Friday, dragged down by real estate and consumer firms, as investors reassessed their positions after sharp drops in leading blue-chips. Worries also lingered over the ongoing China-U.S. trade spat. ** The CSI300 index fell 1.0 percent to 3,716.65 at the end of the morning session, while the Shanghai Composite Index lost 0.7 percent, to 3,052.32. Both indexes were poised for their third session of losses in a row. ** U.S. President Donald Trump’s top economic adviser Larry Kudlow said on Thursday he hoped upcoming trade talks with China would yield progress but that resolving U.S. complaints would be “a long process.” ** China’s new restrictions on waste imports are likely to contribute to global trade tensions, an official from a U.S. recycling industry body told Reuters on Thursday. ** Consumer and real estate stocks slumped 3.7 percent and 3.1 percent respectively by the lunchbreak, with bellwether Inner Mongolia Yili Industrial tumbling 10 percent. ** On Thursday, leading home appliances maker Gree Electric Appliances tumbled 9 percent despite record profits, after announcing no dividend payment for 2017. ** The net selling in Gree Electric via the northbound leg of the Shenzhen-Hong Kong stock connect reached 2.36 billion yuan ($372.53 million) on Thursday. ** The pessimism spread to more large-caps, including Poly Real Estate Group and Ping An Insurance Group . ** Shanghai SE 50 Index, an index tracking the 50 most representative blue-chips in Shanghai, fell 1.9 percent to a near eight-month low. ** In Hong Kong, the Hang Seng index added 0.1 percent, to 30,031.88, while the Hong Kong China Enterprises Index lost 0.1 percent to 11,942.50. ** Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.43 percent while Japan’s Nikkei index was up 0.60 percent. ** The yuan was quoted at 6.3357 per U.S. dollar, 0.07 percent weaker than the previous close of 6.3315. ** The largest percentage gainers in the main Shanghai Composite index were Hunan Copote Science Technology Co Ltd up 9.99 percent, Guangzhou Baiyunshan Pharmaceutical Holdings Co Ltd gaining 9.99 percent, followed by Tonghua Dongbao Pharmaceutical Co Ltd up 9.52 percent. ** The largest percentage losses in the Shanghai index were Jiangsu SOPO Chemical Co Ltd down 10.06 percent, followed by Hisense Electric Co Ltd losing 10.02 percent and Daheng New Epoch Technology Inc down 10 percent. ** The top gainers among H-shares were China Petroleum & Chemical Corp up 3.26 percent, followed by Air China Ltd gaining 2.65 percent and CNOOC Ltd up 2.49 percent. ** The three biggest H-shares percentage decliners were Ping An Insurance Group Co of China Ltd which has fallen 4.01 percent, Guangzhou Automobile Group Co Ltd which has lost 3.1 percent and Guangdong Investment Ltd down by 2.9 percent. ** As of 04:03 GMT, China’s A-shares were trading at a premium of 21.10 percent over the Hong Kong-listed H-shares. ($1 = 6.3351 Chinese yuan)

Reporting by Luoyan Liu and John Ruwitch; Editing by Gopakumar Warrier

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