October 30, 2019 / 4:23 AM / 19 days ago

China, HK stocks drop as Sino-U.S. trade doubts re-emerge

* SSEC -0.4%, CSI300 -0.5%, HSI -0.3%

* HK->Shanghai Connect daily quota used 0.2%, Shanghai->HK daily quota used 2.1%

* FTSE China A50 -0.4%

SHANGHAI, Oct 30 (Reuters) - China and Hong Kong stocks slipped on Wednesday as doubts re-emerged over the prospects of a Sino-U.S. trade deal.

** The CSI300 index was down 0.5% at 3,889.58 points at the end of the morning session, while the Shanghai Composite Index lost 0.4% to 2,941.25 points.

** The Hang Seng index dropped 0.3% to 26,717.18 points, while the Hong Kong China Enterprises Index lost 0.4% to 10,507.16 points.

** An interim trade agreement between the United States and China might not be completed in time for signing in Chile next month as expected but that does not mean the accord is falling apart, a U.S. administration official said on Tuesday.

** Despite the trade concerns, foreign money continued to flow into the A-share market via the Stock Connect linking Hong Kong and the mainland as Beijing vowed more opening-up.

** China will eliminate all restrictions on foreign investments not included in its self-styled “negative lists”, a vice commerce minister said on Tuesday, and also will “neither explicitly nor implicitly” force foreign investors and companies to transfer technologies.

** Technology transfers have been a major source of tension between China and the United States as both countries have been embroiled in a trade war for over a year.

** Investors were also watching corporate profits as the third-quarter earnings season will soon conclude.

** Consumer firms fell the most on the mainland, led by electric car maker BYD slumping 5.9% on bleak profit and outlook.

** The A-share market is cheap compared with other types of yuan-denominated assets, but would stay quiet within the rest of the year, as the decisive policy and economic factors for a bull rally are yet to emerge, Shengang Securities noted in report.

** Around the region, MSCI’s Asia ex-Japan stock index was weaker by 0.36%, while Japan’s Nikkei index was down 0.37%.

** The yuan was quoted at 7.0649 per U.S. dollar, 0.01% firmer than the previous close of 7.0656.

** So far this year, the Shanghai stock index is up 18.46%, while China’s H-share index rose 4.2%. Shanghai stocks have gained 1.69% so far this month.

** As of 0401 GMT, China’s A-shares were trading at a premium of 29.51% 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