26 de febrero de 2016 / 4:48 / hace 2 años

REFILE-China, Hong Kong stocks rebound modestly, eye G20 meeting

(Refiles to fix signoff at bottom of story)

* CSI300 +0.65 pct; SSEC +0.43 pct; HSI +1.63 pct

* Small cap in China steady, Shenzhen’s ChiNext down 0.95 pct

* Hong Kong’s energy, materials stocks rebound after slide

HONG KONG, Feb 26 (Reuters) - China stocks posted modest gains on Friday as markets took a breather after sharp losses in the previous session, while investors awaited policy messages from Chinese and global leaders gathering in Shanghai for a G20 meeting.

The blue-chip CSI300 index, which tumbled more than 6 percent on Thursday, gained 0.65 percent to 2,937.65 points by lunch time, while the Shanghai Composite Index edged up 0.43 percent to 2,753.09.

G20 finance chiefs and central bankers will meet on Friday and Saturday. Current market turmoil and a global economic slowdown are expected to be key topics of discussion.

Chinese officials have gone out of their way this week trying to reassure jittery global investors and the country’s major trading partners about the health of the slowing economy and pledging to keep the yuan currency relatively stable and policy accomodative.

But Xiao Shijun, analyst at Beijing-based GuoDu Securities, said investors’ confidence in the market remained fragile.

“The markets are not doing well as the economic fundamentals are not that good too,” Xiao said.

Traders and analysts cited a confluence of reasons for the slide in addition to profit-taking on Thursday, including fears of tighter liquidity, worries about the economy, and anxiety over looming liberalisation of initial public offerings (IPOs), which could result in a flood of new supply that could trigger a cash crunch.

“Mainland investors are still panicky,” said Steven Leung, a sales director at UOB Kay Hian in Hong Kong. “Concern over tighter liquidity prevent them from taking any big position.”

However, weak sentiment in the mainland market failed to pull interest away from the Hong Kong stocks. Brokers said investors started to build up their positions after corporate earnings such as AIA and HSBC

The benchmark Hang Seng index climbed 1.63 percent to 19,197.14 and the Hong Kong China Enterprises Index was up 1.59 percent.

HSBC’s rose 2.8 percent by lunch break while AIA was up 1.1 percent.

Small-caps in the mainland were steadied after a sharp plunge on Thursday with Shenzhen’s start-up board ChiNext slid 0.95 percent.

In Hong Kong, energy and resources shares rebound following the previous decline.

Cheung Kong Infrastructure Holdings rises as much as 5.7 pct to a record high of HK$81 after being included in the blue chip index

Reporting by Donny Kwok and Shanghai Newsroom; Editing by Kim Coghill

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