China, Hong Kong shares dip on Brexit woes, focus shifts to MSCI decision

martes 14 de junio de 2016 00:57 GYT
 

* CSI300 -0.3 pct; SSEC -0.3 pct; HSI -0.3 pct

* China investment slows to 15-year low

* Short-term impact from MSCI decision limited - analyst

SHANGHAI, June 14 (Reuters) - China and Hong Kong stocks sagged on Tuesday morning, extending losses after Monday's slump, as investors worry about China's economy and brace for a possible exit of Britain from the European Union.

Although some expect U.S. index publisher MSCI to add Chinese shares to its emerging market index later in the global day, many believe any positive market impact will probably be limited in the near term given the lead time required for global funds to switch their asset allocations.

Both China's blue-chip CSI300 index and the Shanghai Composite Index lost 0.3 percent by the lunch break, to 3,058.70 points and 2,826.00 points, respectively. The indexes slumped 3 percent on Monday.

Hong Kong shares also fell. The Hang Seng index lost 0.3 percent, while the Hong Kong China Enterprises Index dipped 0.2 percent.

Trading remained sluggish in Shanghai as worries about China's economy deepened after data showed growth in China's fixed-asset investment slipped below 10 percent for the first time since 2000 in January-May.

"You don't see any convincing reason to buy stocks at the moment," said Zeng Yan, strategist at Zhongtai Securities.   Continuación...