China stocks fall on profit-taking after rally; Hong Kong also down

martes 8 de marzo de 2016 00:58 GYT

* CSI300 -1.7 pct; SSEC -1.6 pct; HSI -0.9 pct

* SSEC approaches the ceiling of the Bollinger band

* China Feb exports tumble the most in over 6 years

SHANGHAI, March 8 (Reuters) - China stocks, which rose the past five sessions, sagged on Tuesday morning as investors took profit from the recent rally.

Hong Kong shares were also soft, as investors' mood in Asian markets turned cautious in the wake of a month-long rally.

China's blue-chip CSI300 index was down 1.7 percent, to 3,052.33 points at the lunch break, while the Shanghai Composite Index lost 1.6 percent, to 2,850.33 points.

The Shanghai Composite gained nearly 8 percent during the five-day winning streak, but with the gauge approaching the ceiling of the Bollinger band - a widely watched indicator of resistance - some investors started to unwind their positions.

"Don't forget the backdrop of the rebound is a bear market, so after solid gains, it's natural for investors to take profit," said Zhang Xiaochun, strategist at Guolian Securities.

In mid-morning, China issued data showing February trade performance was much worse than economists expected, with exports tumbling the most in over six years, but that did not pull down Chinese market indexes.   Continuación...