November 26, 2019 / 7:41 AM / 7 months ago

China shares eke out mild gains amid cautious trade optimism

* CSI300 +0.35%, SSEC barely higher

* Strong northbound flows ahead of MSCI weightage increase

* U.S., China trade negotiators hold phone call

SHANGHAI, Nov 26 (Reuters) - Chinese blue-chip shares rose on Tuesday and the Shanghai Composite Index inched higher on a rebound in high-tech firms and as renewed optimism over U.S.-China trade deal offered a mild boost.

** At the close, the blue-chip CSI300 index was up 0.35%, with its financial sector sub-index lower by 0.27%, the consumer staples sector up 0.94%, the real estate index down 0.16% and the healthcare sub-index up 1.06%. The Shanghai Composite index edged up 0.03% to 2,907.06. ** Top trade negotiators from China and the United States held a phone call on Tuesday morning, China’s Commerce Ministry said, as the two sides try to hammer out a preliminary “phase one” deal in a trade war that has dragged on for 16 months. ** The CSI IT sub-index gained 1.28%, rebounding from two days of losses. ** The smaller Shenzhen index ended up 0.32% and the start-up board ChiNext Composite index was higher by 1.042%. ** Earlier this month, global index provider MSCI said it would increase the weightage of Chinese A-shares in its emerging markets index to 4.1% from 2.55%, effective at the market open on Nov. 27. ** Refinitiv data showed robust northbound inflows of more than 20 billion yuan ($2.84 billion) through the Hong Kong-Shanghai and Hong Kong-Shenzhen Stock Connect programmes on Tuesday, though analysts said the market impact of the MSCI weightage increase was limited. ** China needs to resolve outstanding financial risks, and must counter risks from “abnormal” market fluctuations that stem from external shocks, said the central bank on Monday, as Beijing prioritises financial stability amid increasing challenges. nL4N2852UO] ** China will also take further steps to curb property bubbles, stabilising housing as well as land prices to fend off financial risks, the Communist Party chief of the central bank said. ** Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.08%, while Japan’s Nikkei index closed up 0.35%. ** At 07:13 GMT, the yuan was quoted at 7.0323 per U.S. dollar, 0.05% firmer than the previous close of 7.0355. ** The largest percentage gainers in the main Shanghai Composite index were Sichuan Golden Summit Group Joint Stock Co Ltd , up 10.08%, followed by Shanghai La Chapelle Fashion Co Ltd, gaining 10.06%, and Guirenniao Co Ltd , up by 10.04%. ** The largest percentage losers in the Shanghai index were Beijing Cuiwei Tower Co Ltd, down 10.02%, followed by Anhui Gourgen Traffic Construction Co Ltd, losing 10%, and Beijing Qianjing Landscape Co Ltd, down by 10%. ** So far this year, the Shanghai stock index is up 16.6% and the CSI300 has risen 29.3%, while China’s H-share index listed in Hong Kong is up 5%. Shanghai stocks have declined 0.75% this month. ($1 = 7.0389 Chinese yuan) (Reporting by Andrew Galbraith; Editing by Subhranshu Sahu)

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