January 23, 2019 / 4:24 AM / 6 months ago

China, HK stocks rise on stimulus pledge; trade woes cap gains

* SSEC 0.1 pct, CSI300 0.1 pct, HSI 0.1 pct

* China says will step up fiscal spending this year to support economy

* Trump won’t soften hardline on China to make deal - advisers

SHANGHAI, Jan 23 (Reuters) - China and Hong Kong stocks rose on Wednesday, as Beijing vowed to boost fiscal spending to shore up economic growth, though gains were curbed by worries over the Sino-U.S. trade dispute. ** The CSI300 index inched up 0.1 percent to 3,144.84 points at the end of the morning session, while the Shanghai Composite Index gained 0.1 percent to 2,581.62 points. ** The Hang Seng index added 0.1 percent to 27,021.90 points, while the Hong Kong China Enterprises Index gained 0.3 percent to 10,648.38 points. ** China will step up fiscal spending this year to support its economy, focusing on further cuts in taxes and fees for small firms, finance ministry officials said on Wednesday. ** Mounting pressure on the world’s second-biggest economy pushed growth last year to its lowest since 1990 even as Beijing stepped up stimulus measures and spurred banks to lend more.

** Putting a dent on sentiment was a report by the Financial Times that the Trump administration had rejected an offer from China for preparatory trade talks this week ahead of high-level negotiations scheduled for next week.

** White House economic adviser Larry Kudlow pushed back against reports that a preliminary trade meeting between U.S. and Chinese officials was cancelled, saying the story was not true.

** As much as U.S. President Donald Trump wants to boost markets through a trade pact with China, he will not soften his position that Beijing must make real structural reforms, including how it handles intellectual property, to reach a deal, advisers say.

** Huawei suppliers and Chinese telecom stocks sagged in the morning trade, after United States said it will seek extradition of the telecoms giant’s CFO. ** Around the region, MSCI’s Asia ex-Japan stock index was weaker by 0.08 percent, while Japan’s Nikkei index was up 0.03 percent. ** The yuan was quoted at 6.787 per U.S. dollar, 0.3 percent firmer than the previous close of 6.8076. ** The largest percentage gainers in the main Shanghai Composite index were Sichuan Hongda Co Ltd, which gained as much as 10.11 percent, followed by Lanzhou Greatwall Electircal Co Ltd, gaining 10.08 percent and Zhengjiang Huazheng New Material Co Ltd, up by 10.02 percent. ** The largest percentage losses in the Shanghai index were Xinjiang Winka Times Department Store Co Ltd, which lost as much as 10 percent, followed by Wintime Energy Co Ltd , losing 9.8 percent and Wingtech Technology Co Ltd , down by 6.47 percent.

** So far this year, the Shanghai stock index is up 3.44 percent, while China’s H-share index is up 4.8 percent. Shanghai stocks have risen 3.44 percent this month. ** The top gainers among H-shares were China Tower Corp Ltd , up 6.25 percent, followed by Great Wall Motor Co Ltd , gaining 5.27 percent and China Telecom Corp Ltd , up by 4.59 percent.

** The three biggest H-shares percentage decliners were Huatai Securities Co Ltd, which has fallen 1.61 percent, CNOOC Ltd, which has lost 1.5 percent and China Vanke Co Ltd, down by 1.4 percent. ** About 7.82 billion shares have traded so far on the Shanghai exchange, roughly 56.4 percent of the market’s 30-day moving average of 13.86 billion shares a day. The volume traded was 15.25 billion as of last trading day. ** As of 0407 GMT, China’s A-shares were trading at a premium of 17.42 percent over the Hong Kong-listed H-shares.

Reporting by Luoyan Liu and John Ruwitch, Editing by Sherry Jacob-Phillips

Nuestros Estándares:Los principios Thomson Reuters
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below