September 25, 2019 / 4:41 AM / a year ago

China, Hong Kong stocks drop as Sino-U.S. trade rhetoric hardens

* SSEC -0.6%, CSI300 -0.5%, HSI -1.0%

* HK->Shanghai Connect daily quota used -1.2%, Shanghai->HK daily quota used 1.9%

* FTSE China A50 -0.1%

SHANGHAI, Sept 25 (Reuters) - Stocks in China and Hong Kong weakened on Wednesday after Washington and Beijing exchanged tough words and doused hopes of a trade deal.

** The CSI300 index was down 0.5% at 3,880.26 points at the end of the morning session, while the Shanghai Composite Index slipped 0.6% to 2,968.25 points.

** The Hang Seng index dropped 1% to 26,031.92 points, while the Hong Kong China Enterprises Index lost 0.8% to 10,193.29 points.

** U.S. President Donald Trump delivered a stinging rebuke to China’s trade practices on Tuesday at the United Nations General Assembly, saying he would not accept a “bad deal” in U.S.-China trade negotiations.

** China’s top diplomat hit back at U.S. criticism on Tuesday, saying Beijing had no intention to “play the Game of Thrones on the world stage” and would respect U.S. interests, but it would not be threatened on trade or allow interference in its affairs, including Hong Kong.

** The A-share market still faced the risk of Sino-U.S. trade tensions further escalating, while lack of fresh news on policy easing also curbed investor sentiment in the short-term, Wanlian Securities noted in report.

** A recent raft of weak economic data would be a major drag on further gains, as the stabilizing of the economy should serve as the foundation for any extended market rally, the brokerage added.

** Huawei suppliers were particularly hard hit for the day, after U.S. lawmakers proposed funds to replace its equipment.

** A U.S. House panel unveiled bipartisan legislation this week that would authorize $1 billion for small and rural wireless providers to replace network equipment from companies including Huawei Technologies Co Ltd and ZTE Corp that lawmakers say pose a national security risk.

** Around the region, MSCI’s Asia ex-Japan stock index was weaker by 0.74%, while Japan’s Nikkei index was down 0.41%.

** The yuan was quoted at 7.1168 per U.S. dollar, 0.01% weaker than the previous close of 7.116.

** The largest percentage gainers in the main Shanghai Composite index were Jiangsu Hongtu High Technology Co Ltd , up 10.15%, followed by Chengdu Xuguang Electronics Co Ltd, which gained 10.04% and Hangzhou Freely Communication Co Ltd, up by 10.01%.

** The largest percentage losses in the Shanghai index were Anhui Andeli Department Store Co Ltd, which lost 9.95%, followed by Shanghai Sinotec Co Ltd, losing 7.73% and GigaDevice Semiconductor Beijing Inc, down by 7.45%.

** The top gainers among H-shares were China Gas Holdings Ltd, up 1.69%, followed by CITIC Ltd, gaining 0.6% and Want Want China Holdings Ltd, up by 0.49%.

** The three biggest H-shares percentage decliners were Byd Co Ltd, which dropped 3.58%, CSPC Pharmaceutical Group Ltd, which lost 2.6% and Sinopharm Group Co Ltd , down by 2.1%.

** As of 0415 GMT, China’s A-shares were trading at a premium of 31.00% over the Hong Kong-listed H-shares.

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

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