October 10, 2018 / 7:37 AM / 12 days ago

China blue-chips fall for third day; Shanghai up 0.2 pct

SHANGHAI, Oct 10 (Reuters) - China’s blue-chip index fell for a third consecutive day on Wednesday, but the main Shanghai Composite index rose as investors weighed government support for continued growth against the impact of the U.S.-China trade war.

** At the close, the Shanghai Composite index was up 0.2 percent at 2,725.84.

** The blue-chip CSI300 index was down 0.22 percent, with its financial sector sub-index higher by 0.22 percent, the consumer staples sector down 2.64 percent, the real estate index up 0.12 percent and healthcare sub-index down 1.18 percent. It was the third consecutive day of losses for the CSI300 index, bringing its losses for the week to 4.6 percent. ** U.S. President Donald Trump on Tuesday repeated his threat to impose tariffs on $267 billion worth of additional Chinese imports if China retaliates for the recent levies and other measures the United States has taken in the countries’ escalating trade war. ** China must take strong stimulus measures to support growth, with the country in a “critical” period of stabilising its economy, according to a commentary in the Global Times, a state-backed Chinese tabloid. ** Risks to the global financial system have risen over the past six months and could increase sharply if pressures in emerging markets escalate or global trade relations deteriorate further, the International Monetary Fund said on Wednesday. But the IMF’s chief economist said he was not concerned about China’s ability to defend its currency. ** China’s yuan is forecast to pare some of its recent losses against the dollar over the coming year on hopes that risks from an escalating U.S.-China trade war and a deep sell-off in emerging markets will subside, a Reuters poll found. ** At 07:12 GMT, the yuan was quoted at 6.9211 per U.S. dollar, 0.07 percent firmer than the previous close of 6.926. ** The smaller Shenzhen index ended down 0.15 percent and the start-up board ChiNext Composite index was higher by 0.056 percent. ** Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.14 percent, while Japan’s Nikkei index closed up 0.16 percent. ** The largest percentage gainers in the main Shanghai Composite index were Shenzhen Geoway Co Ltd, up 10.11 percent, followed by Hengtong Logistics Co Ltd, gaining 10.03 percent and Delixi Xinjiang Transportation Co Ltd, up by 10.01 percent. ** The largest percentage losses in the Shanghai index were Shanghai Lingang Holdings Co Ltd down 10.01 percent, followed by Shanghai Lingang Holdings Co Ltd losing 10.01 percent and Sinomach Automobile Co Ltd down by 10.01 percent. ** So far this year, the Shanghai stock index is down 17.6 percent, the CSI300 has fallen 18.6 percent while China’s H-share index listed in Hong Kong is down 10.6 percent. Shanghai stocks have declined 3.39 percent this month. ** About 11.35 billion shares were traded on the Shanghai exchange, roughly 100.5 percent of the market’s 30-day moving average of 11.29 billion shares a day. The volume in the previous trading session was 11.68 billion. ** As of 07:12 GMT, China’s A-shares were trading at a premium of 22.93 percent over the Hong Kong-listed H-shares. ** The Shanghai stock index is below its 50-day moving average and below its 200-day moving average. ** The price-to-earnings ratio of the Shanghai index was 11.54 as of the last full trading day, while the dividend yield was 2.7 percent. ** So far this week, the market capitalisation of the Shanghai stock index has fallen by 3.54 percent to 29.03 trillion yuan. (Reporting by Andrew Galbraith; Editing by Sunil Nair)

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