China stocks falter on worries over future stimulus; energy shares lead HK up

martes 17 de mayo de 2016 00:48 GYT
 

* CSI300: -0.5 pct; SSEC: -0.4 pct; HSI: -0.3 pct

* President Xi says China will push forward supply-side reforms

* Energy shares jump on higher oil prices

SHANGHAI, May 17 (Reuters) - China stocks edged lower in light trade on Tuesday morning amid heighted worries that Beijing might pull back on monetary stimulus while it steps up structural and financial reforms even as the economic recovery struggles to gain traction.

But Hong Kong stocks pushed higher, encouraged by upbeat U.S. and Asian markets, and higher oil prices.

China's blue-chip CSI300 index fell 0.5 percent, to 3,080.40 points by the lunch break, while the Shanghai Composite Index lost 0.4 percent, to 2,840.44 points.

President Xi Jinping said on Monday that China will push forward supply-side reform and increase the number of middle-income earners.

Xi's remarks, which came after shoddy economic data for April, reinforced expectations that Beijing is reluctant to use further monetary stimulus to stoke growth even as China's nascent economic recovery peters out.

"The logic underpinning a market rebound has collapsed because the economy is not good, but the government refrains from using fresh stimulus," said Li Kongyi, strategist at Fortune Securities.   Continuación...