September 11, 2019 / 4:45 AM / 2 months ago

China's blue-chip stocks fall amid trade uncertainty; HK gains

* SSEC 0.0%, CSI300 -0.3%, HSI 1.4%

* HK->Shanghai Connect daily quota used 1%, Shanghai->HK daily quota used 0%

* FTSE China A50 -0.4%

SHANGHAI, Sept 11 (Reuters) - China’s blue-chip stocks dropped on Wednesday, after a senior White House adviser played down expectations of fresh trade talks, while Beijing’s latest pledge to further liberalise financial markets seemed to generate limited enthusiasm.

** The CSI300 index was down 0.3% at 3,946.58 points at the end of the morning session, while the Shanghai Composite Index was unchanged at 3,021.10 points.

** Mainland investors remained cautious amid lingering uncertainties over potential trade negotiations between China and the United States.

** A senior White House adviser tamped down expectations on Tuesday for the next rounds of U.S.-China trade talks, urging investors, businesses and the public to be patient about resolving the two-year trade dispute between the world’s two largest economies.

** Meanwhile, Beijing’s latest effort to further open up its financial markets seemed to provide limited support for the market, as the move appeared largely symbolic.

** China’s foreign exchange regulator said on Tuesday that it had decided to scrap quota restrictions on two major inbound investment schemes, as a weakening yuan and rising outflows prompt Beijing to seek to attract more foreign capital.

** “At the end of the day, whether foreign investors will invest more in China or not depends on the current and future fundamental outlook of the underlying economy, trend of corporate earnings, attractiveness of their yield and yield spreads, and the perceived strength or weakness of the (yuan),” said Khiem Do, head of Greater China investments at Barings.

** The defensive consumer and healthcare firms led losses on the mainland, with the CSI liquor index down 3.8% as investors pocketed gains via the Stock Connect.

** Hong Kong stocks climbed, led by developers and financial firms, which were among the hard-hit sectors.

** The Hang Seng index added 1.4% to 27,044.87 points, while the Hong Kong China Enterprises Index gained 1.3% to 10,535.11.

** Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.49% while Japan’s Nikkei index was up 0.86%.

** The yuan was quoted at 7.1148 per U.S. dollar, 0.03% weaker than the previous close of 7.113.

** The largest percentage gainers in the main Shanghai Composite index were ENN Ecological Holdings Co Ltd, up 10.02%, followed by Phenix Optical Co Ltd, gaining 10% and Besttone Holding Co Ltd, up by 9.99%.

** The largest percentage losses in the Shanghai index were Shanghai East-China Computer Co Ltd, down 6.17%, followed by Beken Corp, losing 6.14% and Zhejiang Jiuzhou Pharmaceutical Co Ltd, which slipped 6.02%.

** The top gainers among H-shares were Haitong Securities Co Ltd, up 4%, followed by China Taiping Insurance Holdings Co Ltd, gaining 3.14% and New China Life Insurance Co Ltd, up by 3.01%.

** The three biggest H-shares percentage decliners were ANTA Sports Products Ltd, which has fallen 2.57%, Shenzhou International Group Holdings Ltd, which has lost 2.3% and CSPC Pharmaceutical Group Ltd, down by 1.7%.

** As of 0417 GMT, China’s A-shares were trading at a premium of 28.71% over the Hong Kong-listed H-shares.

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

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