China stocks erase losses; Hong Kong down on gloomy global markets

lunes 18 de enero de 2016 00:31 GYT
 

* CSI300 +0.2 pct; SSEC +0.1 pct; HSI -1.1 pct

* Property shares rise on improving home price data

* China c.bank moves to curb offshore yuan speculation

SHANGHAI, Jan 18 (Reuters) - China stocks opened sharply lower on Monday but managed to erase much of the losses by midday, with real estate shares reversing initial declines on data showing continuous recovery in the property sector.

Hong Kong shares dropped, with investors' risk appetites soured by resumed declines in oil prices as well as Friday's tumbles for equities prices in U.S. and European markets.

China's blue-chip CSI300 index opened the session 1.6 percent weaker, but by lunch break, the index stood 0.2 percent higher at 3,125 points. The Shanghai Composite Index was down 1.8 percent at the open, but was flat the end of the morning.

Mainland investors, who had feared further yuan depreciation, took some comfort as the Chinese currency firmed on Monday after the central bank confirmed a move on reserve ratios for some banks that traders say should reduce offshore speculation in the currency.

Property shares recovered from initial losses and climbed 0.4 percent, after data showed China's home prices continued to rise in December 2015, adding to signs of improving in the housing market.

In Hong Kong, the Hang Seng index was down 1.1 percent at 19,304.76 points, while the Hong Kong China Enterprises Index fell 0.6 percent to 8,189.27. (Reporting by Samuel Shen and Pete Sweeney; Editing by Richard Borsuk)