June 8, 2020 / 4:52 AM / a month ago

China stocks gain as subdued trade data raises policy support hopes

* SSEC 0.3%, CSI300 0.6%, HSI 0.2%

* HK->Shanghai Connect daily quota used 2.9%, Shanghai->HK daily quota used 1.7%

* FTSE China A50 +0.8%

SHANGHAI, June 8 (Reuters) - China stocks rose on Monday, as downbeat trade data reinforced hopes for further stimulus to shore up the world’s second largest economy amid the coronavirus outbreak.

** At the midday break, the Shanghai Composite index was up 0.28% at 2,939.13.

** China’s blue-chip CSI300 index was up 0.56%, with its financial sector sub-index higher by 0.7%, the consumer staples sector up 0.09%, the real estate index up 1.49% and the healthcare sub-index down 1.42%.

** Chinese H-shares listed in Hong Kong fell 0.21% to 10,044.72, while the Hang Seng Index was up 0.17% at 24,812.58.

** The smaller Shenzhen index was up 0.2% and the start-up board ChiNext Composite index was weaker by 0.43%.

** China’s exports contracted in May as global coronavirus lockdowns continued to devastate demand, while a sharper-than-expected fall in imports pointed to mounting pressure on manufacturers as global growth stalls.

** The sombre trade readings for the world’s second-biggest economy could pile pressure on policymakers to roll out more support for a sector that is critical to the livelihoods of more than 180 million workers.

** The recovery of China’s domestic demand is relatively good, while pressure from external demand could persist, Zhou Yu, an analyst with Pacific Securities, noted in a report.

** China will strengthen international cooperation in future COVID-19 clinical vaccine trials, building on earlier collaboration in vaccine development, the science and technology minister said on Sunday.

** Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.35% while Japan’s Nikkei index was up 1.13%.

** The yuan was quoted at 7.0853 per U.S. dollar, 0.06% weaker than the previous close of 7.0812.

** As of 0414 GMT, China’s A-shares were trading at a premium of 25.46% over the Hong Kong-listed H-shares. (Reporting by Luoyan Liu and Andrew Galbraith; Editing by Rashmi Aich)

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