China, Hong Kong indexes fall as slumping commodity prices hit resource shares

miércoles 9 de marzo de 2016 01:00 GYT
 

* CSI300 -2.6 pct; SSEC -2.9 pct; HSI -0.6 pct

* Energy, resource shares drop on lower oil, commodity prices

* China shares poised to end their six-day rising streak

SHANGHAI, March 9 (Reuters) - China and Hong Kong stocks lost ground on Wednesday morning, dragged down by resource shares, as a tumble in commodity prices amid signs the Chinese economy remains fragile prompted profit-taking after a recent rally.

Chinese benchmark indexes were poised to end their six-session winning streak, with the blue-chip CSI300 index falling 2.6 percent to 3,025.66 points by lunch break, and the Shanghai Composite Index shedding 2.9 percent, to 2,817.21 points.

In Hong Kong, the Hang Seng index was off 0.6 percent, while the Hong Kong China Enterprises Index was down 1.7 percent.

China and Hong Kong equities had joined other Asian markets in a robust rebound over the past month, aided by recovering oil and commodity prices, and receding concerns over the global economy.

But the rally could be petering out, as a renewed slump in raw material prices, and ugly China trade data revive growth anxieties.

"Investors are rushing out of stocks today as they anticipate a well-deserved correction following the overnight tumble in global commodity prices," said Cao Xuefeng, strategist at Huaxi Securities.   Continuación...