China stocks slip as banks check equities exposure, Hong Kong down

jueves 30 de julio de 2015 00:58 GYT
 

* CSI300 -0.2 pct; SSEC -0.04 pct; HSI -0.1 percent

* Chinese banks investigate their exposure to stocks - paper

* Investors look for further stability, not keen to buy

HONG KONG, July 30 (Reuters) - China shares slid on Thursday after state media reported that banks were investigating their exposure to the stock market from wealth management products and loans collateralised with stocks.

The CSI300 index fell 0.2 percent, to 3,923.06 points at the end of the morning session, while the Shanghai Composite Index edged down 0.04 percent at 3,787.49 points. Trading was subdued after Beijing reiterated this week its determination to stabilise its equity markets.

"The market has been struggling to hover above the water with investors taking to the sidelines to see if stability can be maintained in the market," said Ben Kwong, a director at KGI Asia in Hong Kong.

"People are not in a rush but need more time to build up their confidence in the cautious market," Kwong added.

The China Securities Journal, citing unidentified bank officials, said on Thursday that Chinese banks had been checking their exposure to the stock market. It cited one bank executive saying the lender's headquarters had started investivations in late June. China's stock market rout began in mid-June.

China CSI300 stock index futures for August rose 0.4 percent, to 3,768.4, 154.66 points below the current value of the underlying index.   Continuación...