August 14, 2019 / 4:37 AM / 7 days ago

China, Hong Kong stocks rebound on tariffs reprieve, downbeat data curb gains

* SSEC 0.8%, CSI300 0.8%, HSI 0.5%

* Trump delays tariffs on Chinese cellphones, laptops, toys

* China July industrial output growth falls to 17-yr low

SHANGHAI, Aug 14 (Reuters) - China stocks rose on Wednesday, tracking a global rally, after Washington delayed tariffs on some Chinese imports, though gains were curbed by a raft of unexpectedly weak July data.

** The CSI300 index rose 0.8% to 3,696.56 at the end of the morning session, while the Shanghai Composite Index gained 0.8% to 2,819.05.

** U.S. President Donald Trump on Tuesday backed off his Sept. 1 deadline for 10% tariffs on remaining Chinese imports, delaying duties on cellphones, laptops and other consumer goods, in the hopes of blunting their impact on U.S. holiday sales.

** China reported a raft of unexpectedly weak July data on Wednesday, including a surprise drop in industrial output growth to a more than 17-year low, underlining widening economic cracks.

** Industrial output grew 4.8% in July from a year earlier, data from the National Bureau of Statistics showed on Wednesday, lower than the most bearish forecast in a Reuters poll.

** Analysts say Beijing will need to deliver more stimulus to prevent a deeper downturn and to help stabilise growth.

** Consumer firms shined on the mainland, led by market bellwether Moutai scaling a new high, on hopes Beijing would further boost domestic consumption to shore up growth.

** In Hong Kong, stocks rebounded strongly before paring much of early gains as worries over protests and downbeat data on the mainland weighed.

** The Hang Seng index added 0.5% to 25,416.63 after opening 1.7% higher, while the Hong Kong China Enterprises Index gained 0.8% to 9,926.23.

** Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.86% while Japan’s Nikkei index was up 0.95%.

** The yuan was quoted at 7.0227 per U.S. dollar, 0.47% firmer than the previous close of 7.0558.

** The largest percentage gainers in the main Shanghai Composite index were Guangdong Dcenti Auto-Parts Stock Ltd Co , up 10.06%, followed by Zhejiang Jiecang Linear Motion Technology Co Ltd, gaining 10% and Veken Technology Co Ltd, up by 10%.

** The largest percentage losers in the Shanghai index were Changchun Sinoenergy Corp, down 5%, followed by Beijing Xinwei Technology Group Co Ltd, losing 4.91% and Jiangsu Yabang Dyestuff Ltd, down by 4.79%.

** The top gainers among H-shares were PetroChina Co Ltd , up 3.17%, followed by ANTA Sports Products Ltd , gaining 2.9% and Longfor Group Holdings Ltd , up by 2.62%.

** The three biggest H-shares percentage decliners were SINOPHARM GROUP CO LTD, which has fallen 1.61%, Guangdong Investment Ltd, which has lost 1.5% and China Cinda Asset Management Co Ltd, down 0.7%.

** As of 0418 GMT, China’s A-shares were trading at a premium of 31.97% over the Hong Kong-listed H-shares.

Reporting by Luoyan Liu and John Ruwitch; editing by Gopakumar Warrier

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