China stocks firm on company earnings, National Team; Hong Kong flat

miércoles 31 de agosto de 2016 00:54 GYT

* SSEC 0.3 pct, CSI300 0.5 pct, HSI 0.0 pct

* China-listed companies post 5.5 pct drop in combined earnings

* Vanke surge rekindle interest in property shares

SHANGHAI, Aug 31 (Reuters) - China stocks were firm on Wednesday as the earnings season drew to a close, with interim results wrong-footing pessimists and showing signs that state-backed "National Team" investors had been buying blue-chip shares, especially financials, in an apparent effort to stabilise the market.

Hong Kong stocks hovered near 10-month highs, amid signs that Chinese money inflows into the city hit the highest level in two months on Tuesday and preparations for the Shenzhen-Hong Kong Stock Connect went into high gear.

China's blue-chip CSI300 index rose 0.5 percent to 3,329.86 points by the lunch break, while the Shanghai Composite Index gained 0.3 percent to 3,083.58 points.

China's nearly 3,000 listed firms have all published their interim results, posting a 5.5 percent drop in their combined net profit, according to official China Securities Journal.

But to the relief of many investors, three-fifths of the companies registered earnings growth, while bloated sectors such as steel and coal showed tentative signs of recovery.

"Everyone is saying the economy is lousy, but if you look at listed companies results, they're not as bad as some had expected," said David Dai, Shanghai-based investor-director at Nanhai Fund Management Co.   Continuación...