July 15, 2020 / 7:45 AM / 20 days ago

China shares end lower in volatile trade as U.S. sanction woes hit sentiment

SHANGHAI, July 15 (Reuters) - China shares ended lower on Wednesday after a volatile session as U.S. actions against Hong Kong dented the market sentiment, but the bull-run-triggered heavy trading kept its momentum. ** At the close, the Shanghai Composite index was down 1.56% at 3,361.30, extending losses from the mid-day session. ** The blue-chip CSI300 index was down 1.29%, with its financial sector sub-index lower by 2.26%, the consumer staples sector up 0.93%, the real estate index down 2.88% and the healthcare sub-index up 1.78%. ** The smaller Shenzhen index ended down 2.07% and the start-up board ChiNext Composite index was weaker by 1.596%. ** U.S. president Donald Trump on Tuesday ordered an end to Hong Kong’s special status under U.S. law to punish China for what he called “oppressive actions” against the former British colony, and signed a bill approved by the U.S. Congress to penalize banks doing business with Chinese officials who implement the new security law. ** China said on Wednesday it would impose retaliatory sanctions on U.S. individuals and entities after Trump’s move. ** “Key catalysts for the A-share bull run are still intact but we caution against near-term regulatory cool-down measures and resurgence of U.S.-China tensions,” Laura Wang, equity strategist with Morgan Stanley wrote in a note. ** Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.59%, while Japan’s Nikkei index closed up 1.59%. ** At 0720 GMT, the yuan was quoted at 7.001 per U.S. dollar, 0.09% firmer than the previous close of 7.0075. ** So far this year, the Shanghai stock index is up 10.2% and the CSI300 has risen 15.8%, while China’s H-share index listed in Hong Kong is down 7.1%. Shanghai stocks have risen 12.62% this month with huge volume of hands exchanged. (Reporting by Shanghai Newsroom; Editing by Rashmi Aich)

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