July 10, 2019 / 4:46 AM / 2 months ago

China stocks little changed as investors shrug off trade talk resumption

SHANGHAI, July 10 (Reuters) - China stocks traded little changed on Wednesday morning as investors shrugged off news that Beijing and Washington resumed trade talks, while a flood of initial public offerings targeting Shanghai’s new tech board drew attention, diverting funds from the rest of the market. ** The CSI300 index rose 0.1%, to 3,797.85, by the end of the morning session, while the Shanghai Composite Index was unchanged at 2,927.68. ** The Hang Seng index added 0.3%, to 28,205.41, while the Hong Kong China Enterprises Index gained 0.5%, to 10,701.68. ** U.S. and Chinese trade officials held a “constructive” phone conversation on Tuesday, White House economic adviser Larry Kudlow said, marking a new round of talks after the world’s two largest economies agreed to a truce in a year-long trade war. ** “We don’t expect a rapid resolution to trade tensions, rather we expect an extended period of confrontation between the US and China - and that means markets will continue to be volatile,” Bin Shi, head of China equities, UBS Asset Management, wrote. ** Meanwhile, nine Chinese companies, among the first to float on China’s red-hot Nasdaq-style tech board, are taking subscriptions from investors on Wednesday, diverting funds from the rest of the market. ** The busy week of IPOs comes after an official announcement that the first batch of 25 companies will start trading on Shanghai’s tech-heavy STAR Market on July 22. This week alone, 21 of them are taking subscriptions from investors. ** China’s financial sector sub-index was higher by 0.06%, the consumer staples sector rose 0.65%, the real estate index fell 0.12% and the healthcare sub-index gained 0.84%. ** Chinese H-shares listed in Hong Kong rose 0.48% to 10,701.68, while the Hang Seng Index was up 0.32% at 28,205.41. ** The smaller Shenzhen index was unchanged for the day and the start-up board ChiNext Composite index was flat. ** Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.42%, while Japan’s Nikkei index was down 0.04%. ** The yuan was quoted at 6.8856 per U.S. dollar, 0.03% firmer than the previous close of 6.888. ** The largest percentage gainers in the main Shanghai Composite index were Jiangsu Chengxing Phosph-Chemical Co Ltd, up 10.12%, followed by Fujian Start Group Co Ltd, gaining 10.04%, and Shanghai Wondertek Software Co Ltd , up by 10.03%. ** The largest percentage losers in the Shanghai index were Fujian Longxi Bearing Group Co Ltd, down 10%, followed by Harbin High-Tech Group Co Ltd, losing 9.79%, and Zhejiang Xinneng Photovoltaic Technology Co Ltd , down by 6.97%.

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