October 23, 2019 / 4:42 AM / a month ago

China stocks retreat on weaker hopes for stimulus

* SSEC -0.3%, CSI300 -0.4%, HSI -0.9%

* Property sector drags broader index lower

* Yuan edges down against dollar

SHANGHAI, Oct 23 (Reuters) - Chinese shares dipped on Wednesday with property developers weighing on broad A-share indexes, as investors’ hopes for policy stimulus to overcome a cooling economy faded.

** At the end of the morning session, the CSI300 index was down 0.4% at 3,881.18 points, while the Shanghai Composite index lost 0.3% to 2,945.36. ** China’s blue-chip CSI300 index was down 0.38%, with its financial sector sub-index lower by 0.52%. The consumer staples sector was down 0.29%, the real estate index down 1.61% and the healthcare sub-index down 1.04%. ** “There were expectations for some policy stimulus benefiting the (property) sector but the macro-economic figures, while missing expectations, are not bad enough to warrant a significant change in policy,” Gerry Alfonso, analyst at Shenwan Hongyuan Securities, said. ** Chinese H-shares listed in Hong Kong fell 0.8% to 10,442.17, while the Hang Seng index was down 0.94% at 26,535.17. ** Hong Kong shares fell despite an announcement by the city’s government that it would provide HK$2 billion to support the local economy, with a particular focus on its transport, tourism and retail sectors. ** China is drawing up a plan to replace Hong Kong leader Carrie Lam with an “interim” chief executive, the Financial Times reported, citing people briefed on the deliberations, which would bring to a close Lam’s rule after months of often violent pro-democracy protests. ** China’s Vice Foreign Minister Le Yucheng said on Tuesday that China and the United States had achieved some progress in their trade talks. ** The smaller Shenzhen index was down 0.28% and the start-up board ChiNext Composite index was weaker by 0.26%. ** Around the region, MSCI’s Asia ex-Japan stock index was weaker by 0.63%, while Japan’s Nikkei index was down 0.03%. ** The yuan was quoted at 7.0843 per U.S. dollar, 0.09% weaker than the previous close of 7.0778. ** The largest percentage gainers on the main Shanghai Composite index were Shandong Homey Aquatic Development Co Ltd , up 10.13%, followed by Lushang Health Industry Development Co Ltd, gaining 10.02% and Jiangsu Nanfang Medical Co Ltd, up by 10.02%. ** The largest percentage losses on the Shanghai index were Guangzhou Kingmed Diagnostics Group Co Ltd, down 8.38%, followed by Getein Biotech Inc, losing 7.57% and Tonghua Dongbao Pharmaceutical Co Ltd, down by 6.45%. ** So far this year, the Shanghai stock index is up 18.46%, while China’s H-share index is up 4.00%. Shanghai stocks have risen 1.69% this month. ** The top gainers among H-shares were Anhui Conch Cement Co Ltd , up 1.4%, followed by BYD Co Ltd, gaining 0.66% and ENN Energy Holdings Ltd, up by 0.58%. ** The three biggest H-shares percentage decliners were China Resources Beer Holdings Co Ltd, which has fallen 3.01%, Want Want China Holdings Ltd, which has lost 2.98% and CSPC Pharmaceutical Group Ltd, down by 2.41%. ** In Hong Kong, the sub-index of the Hang Seng index tracking energy shares dipped 0.7%, while the IT sector fell 1.5%. The top gainer on the Hang Seng was Industrial and Commercial Bank of China Ltd, up 0.37%, while the biggest loser was AAC Technologies Holdings Inc , which was down 3.7%. (Reporting by Andrew Galbraith; Editing by Shounak Dasgupta)

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