June 4, 2019 / 8:16 AM / 4 months ago

RPT-China stocks end lower on trade war stalemate

(Repeats to attach to alert)

* Shanghai shares down 1%, blue chips lower by 0.9%

* Washington raps China “blame game” in trade conflict

* China warns students, academics of U.S. visit and studies

SHANGHAI/HONG KONG, June 4 (Reuters) - China stocks closed lower on Tuesday as Beijing and Washington exchanged criticism over technological transfer and trade, showing little signs of resolving the year-long tariff dispute. ** At the close, the Shanghai Composite index was down 1% at 2,862.28 points, while the blue-chip CSI300 index ended 0.9% lower. ** CSI300’s financial sector sub-index ended lower by 0.6%, the consumer staples sector was down 1.6%, the real estate index closed 0.5% weaker and the healthcare sub-index ended down 1.8%. ** The smaller Shenzhen index ended down 1.4% and the start-up board ChiNext Composite index was weaker by 0.9%. ** The U.S. government said on Monday that China was pursuing a “blame game” in recent public statements and a weekend white paper that misrepresented the trade negotiations between the world’s two largest economies. ** China warned students and academics on Monday about risks involved in studying in the United States, pointing to limits on the duration of visas and visa refusals. ** China’s factory activity expanded at a steady but modest pace in May, a private survey showed, but analysts say front-loading of exports by firms to the United States to avoid higher tariffs masked underlying weakness in the economy. ** Investors need to be patient for the moment, as the market correction since the benchmark Shanghai index hit a 15-month high of 3,288.45 on April 8 is not sufficient, Haitong Securities said in report. ** The brokerage also noted that a correction on Wall Street will curb global risk appetite and accelerate foreign outflows. ** The Nasdaq tumbled 1.6% on Monday, confirming a correction as it was dragged down by Alphabet, Facebook and Amazon.com on fears the companies are the targets of U.S. government antitrust regulators. ** Huatai Securities’ analysts wrote in a note on Tuesday that the weakening yuan may support share prices, if it does not spur capital outflows, because it would ease pressure on exporters. ** At 0717 GMT, the yuan was quoted at 6.9084 per U.S. dollar, 0.08% weaker than the previous close. ** Around the region, MSCI’s Asia ex-Japan stock index was weaker by 0.4%, while Japan’s Nikkei index closed almost flat. ** The largest percentage losses in the Shanghai index were Gansu Dunhuang Seed Group Co Ltd, Wanxiang Doneed Co Ltd and Shanghai Industrial Development Co Ltd , all down by 10%. ** So far this year, the Shanghai stock index is up 14.8% and the CSI300 rose 19.5%. Shanghai stocks dropped 1.3% this month. ** About 18.85 billion shares were traded on the Shanghai exchange. The volume in the previous trading session was 21.59 billion. ** The Shanghai stock index is below its 50-day moving average and above its 200-day moving average. (Reporting by Luoyan Liu and Noah Sin, Editing by Sherry Jacob-Phillips)

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