June 25, 2019 / 7:42 AM / a year ago

China shares snap winning streak on profit-taking, trade worries

* SSEC -0.87%, CSI300 -1.04%

* Shanghai Composite ends 6-day streak of gains

* Trade uncertainty drags on yuan

SHANGHAI, June 25 (Reuters) - Chinese shares ended lower on Tuesday, snapping a six-day streak of gains, as investors locked in profits, while concerns that China and the United States would make little headway toward resolving their bitter trade war this week also hurt sentiment. ** At the close, the Shanghai Composite index was down 0.87% at 2,982.07, trimming earlier losses. It was the first daily decline after six straight sessions of gains, its longest rising streak since February 2018. The Shanghai Composite rose more than 4% last week. ** The blue-chip CSI300 index was down 1.04% after earlier falling as much as 2.25%. Its financial sector sub-index ended lower by 1.5%, the consumer staples sector finished down 0.55%, the real estate index lost 0.74% and the healthcare sub-index closed 0.13% lower. ** The smaller Shenzhen index ended down 0.99% and the start-up board ChiNext Composite index was weaker by 1.06%. ** A senior U.S. official late on Monday fanned worries that the U.S. and China will make little progress in talks to end their trade war this week, saying that U.S. President Donald Trump is “comfortable with any outcome” from his expected meeting with Chinese President Xi Jinping at the upcoming Group of 20 summit in Japan. ** Chinese banking stocks fell as more lending to small firms, vulnerable to an economic slowdown, raised concerns of strains on the balance sheets of lenders. An index tracking Chinese banks fell 2.12%. China’s central bank said on Monday that more loans had been extended to small firms in the first five months of 2019. ** Banks also came under pressure after a report that Shanghai Pudong Development Bank (SPDB) Co Ltd may lose access to the U.S. financial system after a U.S. judge found the bank in contempt for refusing to comply with subpoenas in a North Korea sanctions violation investigation. Asked about the report, SBDP said Tuesday that it will strictly abide by relevant laws and regulations. Its shares ended down 2.99% on the day. ** China Merchants Bank, also named in the Washington Post report, said it was not involved in any investigations involving possible violations of sanctions. Its Shanghai-listed shares ended down 4.82% after earlier falling as much as 8.46%. ** Around the region, MSCI’s Asia ex-Japan stock index was weaker by 0.44%, while Japan’s Nikkei index closed down 0.43%. ** At 07:16 GMT, the yuan was quoted at 6.8826 per U.S. dollar, 0.09% weaker than the previous close of 6.8761. ** The top percentage gainers in the main Shanghai Composite index were Chifeng Jilong Gold Mining Co Ltd, up 10.05%, followed by Shanghai Jinqiao Export Processing Zone Development Co Ltd, gaining 10.03% and TKD Science and Technology Co Ltd, up by 10.02%. ** Big percentage losers in the Shanghai index were KPC Pharmaceuticals Inc down 10.02%, followed by Xinjiang Tianfu Energy Co Ltd losing 10.02% and BGRIMM Technology Co Ltd down by 10%. ** So far this year, the Shanghai stock index is up 19.6% and the CSI300 has risen 26.3%, while China’s H-share index listed in Hong Kong is up 6.1%. Shanghai stocks have risen 2.88% this month. (Reporting by Andrew Galbraith; editing by Gopakumar Warrier)

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