May 24, 2019 / 4:43 AM / a year ago

China, Hong Kong shares rise on bargain hunting

* SSEC flat, CSI300 gains 0.1%, HSI 0.2% higher

* China says U.S. needs to fix ‘wrong actions’ as Huawei ban rattles supply chains

* Trump says ‘dangerous’ Huawei could be included in U.S.-China trade deal

SHANGHAI, May 24 (Reuters) - China and Hong Kong stocks firmed on Friday morning on bargain hunting following steep losses in the previous session, though gains were capped as investors tread cautiously amid fears over deeper U.S.-China trade war.

** The CSI300 index rose 0.1% to 3,587.62 at the end of the morning session, while the Shanghai Composite Index was unchanged at 2,851.40.

** The Hang Seng index added 0.2% to 27,323.09, while the Hong Kong China Enterprises Index gained 0.3%, to 10,433.93.

** U.S. President Donald Trump said on Thursday that Washington’s complaints against Huawei Technologies might be resolved within the framework of a U.S.-China trade deal, while calling the Chinese telecom giant “very dangerous.”

** The U.S. Commerce Department said on Thursday it was proposing a new rule to impose anti-subsidy duties on products from countries that undervalue their currencies against the dollar, another move that could slap higher tariffs on Chinese products.

** China said the United States needs to correct its “wrong actions” in order for trade talks to continue after it blacklisted Huawei, a blow that has rippled through global supply chains and battered technology shares.

** The Sino-U.S. trade issue’s impact on the market is expected to be less than 2018, as the U.S. “toolkit” has been relatively fully used, while China’s internal environment is better than last year, Northeast Securities noted in a report.

** Given the changes in internal and external environments, the possibility of China using countercyclical policies to hedge internal and external risks increased, the brokerage added.

** Around the region, MSCI’s Asia ex-Japan stock index was weaker by 0.14%, while Japan’s Nikkei index was down 0.45%.

** The yuan was quoted at 6.9136 per U.S. dollar, 0.03% weaker than the previous close of 6.9116.

** The largest percentage gainers in the main Shanghai Composite index were Jiangxi Guotai Group Co Ltd, up 10.06%, followed by Tianjin Songjiang Co Ltd, gaining 10.06% and Veken Technology Co Ltd, up 9.98%.

** The largest percentage losers in the Shanghai index were Fujian Start Group Co Ltd, down 9.99%, followed by Elion Energy Co Ltd, losing 9.95% and Sichuan Western Resources Holding Co Ltd, down by 9.87%.

** So far this year, the Shanghai stock index is up 14.38%, while China’s H-share index is up 2.7%. Shanghai stocks have declined 7.34% this month.

** The top gainers among H-shares were China Gas Holdings Ltd, up 3.61%, followed by Guangdong Investment Ltd , gaining 3.58% and Huaneng Power International Inc , up by 2.45%.

** The three biggest H-shares percentage decliners were China Tower Corp Ltd, which has fallen 1.74%, China Huarong Asset Management Co Ltd, which has lost 1.5% and PetroChina Co Ltd, down by 1.3%.

** As of 0416 GMT, China’s A-shares were trading at a premium of 25.36% over the Hong Kong-listed H-shares.

Reporting by Luoyan Liu and John Ruwitch; Editing by Rashmi Aich

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