April 30, 2019 / 4:47 AM / 3 months ago

China stocks gain despite lacklustre factory data; HK shares drop

SHANGHAI, April 30 (Reuters) - China stocks rose on Tuesday despite worse-than-expected factory activity data, as analysts say concerns over the economy had been largely priced in after a sharp correction the past week.

** Hong Kong stocks slipped, dented by declines in energy and consumer shares. ** The CSI300 index rose 0.2 percent to 3,907.63 points at the end of the morning session, while the Shanghai Composite Index gained 0.4 percent to 3,075.74 points.

** Factory activity in China expanded for a second straight month in April but at a much slower pace than expected, an official survey showed on Tuesday, suggesting the economy is still struggling for traction despite a flurry of support measures.

** Yang Hongxun, Shanghai-based analyst at investment consultancy Shandong Shenguang, said after the recent correction, investors are looking past weak economic data. “We’ve already seen worries about the economy, and tighter monetary policies. I don’t see worse news ahead,” Yang said.

** China’s five-largest state-owned banks posted modest first-quarter profit growth, though slightly below expectations, as policymakers pushed lenders to make more loans to support the slowing economy.

** China’s CSI300 financial sector sub-index was lower by 0.3 percent, the consumer staples sector up 0.76 percent, the real estate index down 0.4 percent and the healthcare sub-index dropped 0.35 percent. ** Chinese H-shares listed in Hong Kong fell 0.65 percent to 11,562.96, while the Hang Seng Index was down 0.48 percent at 29,748.76. ** The smaller Shenzhen index was up 0.83 percent and the start-up board ChiNext Composite index was higher by 0.86 percent. ** Around the region, MSCI’s Asia ex-Japan stock index dropped 0.46 percent, while Japan’s Nikkei index slipped 0.22 percent. ** The yuan was quoted at 6.7379 per U.S. dollar, 0.05 percent weaker than the previous close of 6.7346. ** The largest percentage gainers in the main Shanghai Composite index were Aucma Co Ltd, up 10.11 percent, followed by Aeolus Tyre Co Ltd, gaining 10.07 percent and Guangxi Wuzhou Communications Co Ltd, up by 10.07 percent. ** The largest percentage losses in the Shanghai index were Shanghai DZH Ltd, down 10.05 percent, followed by Flat Glass Group Co Ltd, losing 10.03 percent and MeiDu Energy Corp, down by 10.02 percent.

Reporting by Samuel Shen and John Ruwitch, Editing by Sherry Jacob-Phillips

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