April 11, 2016 / 7:11 AM / 7 months ago

China stocks end lower as tech names drag

SHANGHAI, Oct 29 (Reuters) - China shares closed lower on Tuesday, as a correction in high-tech firms weighed, while investors also sought clarity on Sino-U.S. trade talks and the outlook for the domestic economy.

** The Shanghai Composite index ended 0.87% down at 2,954.18, erasing a gain of 0.85% made a day earlier. ** The blue-chip CSI300 index was down 0.42%, with the CSI IT index falling 2.62%. ** The financial sector sub-index fell 0.79%, and the real estate index dropped 0.84%, while the consumer staples sector and the healthcare sub-index added 0.54% and 1.43%, respectively. ** The smaller Shenzhen index ended down 0.94% and the start-up board ChiNext Composite index was weaker by 1.046%. ** Chinese state media on Tuesday urged investors to remain rational and not equate Beijing’s support for blockchain as a boost for virtual currencies, after comments by Chinese President Xi Jinping drove up shares in blockchain-related firms and the price of bitcoin. ** China Greatwall Technology Group which had risen by the daily 10% limit on Monday amid investor excitement over companies engaged in, or thought to be engaged in, blockchain- or digital-currency-related businesses, dropped 6.62%. ** Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.24%, while Japan’s Nikkei index closed up 0.47%. ** At 07:11 GMT, the yuan was quoted at 7.058 per U.S. dollar, 0.13% firmer than the previous close of 7.0672. ** The largest percentage gainers on the main Shanghai Composite index were Ningbo Construction Co Ltd, up 10.13%, followed by Veken Technology Co Ltd, gaining 10.06% and Xinhu Zhongbao Co Ltd, up by 10.06%. ** The largest percentage losers on the Shanghai index were Dalian Dafu Enterprises Holdings Co Ltd down 10.34%, followed by Zhejiang Shengyang Science and Technology Co Ltd losing 10.01% and Guangzhou Baiyun International Airport Co Ltd down by 10% after the company posted downbeat earnings. ** So far this year, the Shanghai stock index is up 18.5% and the CSI300 has risen 29.9%, while China’s H-share index listed in Hong Kong is up 4.3%. Shanghai stocks have risen 1.69% this month. (Reporting by Andrew Galbraith; editing by Uttaresh.V)

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