May 22, 2018 / 4:23 AM / 7 months ago

China stocks slip as banking, real estate shares weigh

* SSEC -0.4 pct, CSI300 -0.7 pct

* Hong Kong stock markets closed for public holiday

* FTSE China A50 -1.1 pct, BNY Mellon ADR China Select Index -0.3 pct

SHANGHAI, May 22 (Reuters) - China stocks slipped on Tuesday, weighed down by real estate and banking firms, despite renewed optimism about global growth as the United States and China agreed to drop their tariff threats.

** Beijing and Washington both claimed victory on Monday as the world’s two largest economies stepped back from the brink of a global trade war and agreed to hold further talks to boost U.S. exports to China. ** The CSI300 index fell 0.7 percent to 3,892.89 points at the end of the morning session, while the Shanghai Composite Index lost 0.4 percent to 3,201.11. ** The smaller Shenzhen index slipped 0.1 percent and the start-up board ChiNext Composite index climbed 0.23 percent.

** Hong Kong’s financial markets will be closed on Tuesday for the birthday of the Buddha. Markets will resume trading on Wednesday.

** On the mainland, losses were led by banking and real estate stocks. An index tracking major developers dropped 2.2 percent by midday break, led by Future Land tumbling 6 percent to its lowest in more than three months. ** A slew of lower-tier cities have rolled out fresh tightening measures against speculation in the housing sector in May, while China’s housing ministry said it would step up checks on local governments’ efforts to rein in property prices.

** Bucking the broader weakness, China’s baby care-related stocks surged on reports China is considering scrapping birth limits by 2019. ** Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.10 percent, while Japan’s Nikkei index dipped 0.08 percent. ** The yuan was quoted at 6.3749 per U.S. dollar, 0.09 percent firmer than the previous close of 6.3809. ** The largest percentage gainers in the main Shanghai Composite index were Suzhou Douson Drilling & Production Equipment Co Ltd up 10.02 percent, followed by Tibet Weixinkang Medicine Co Ltd gaining 10.02 percent and Shanghai Aiyingshi Co Ltd up by 10.01 percent. ** The largest percentage losses in the Shanghai index were Future Land Holdings Co Ltd down 6 percent, followed by Qian Jiang Water Resources Development Co Ltd losing 5.78 percent and Shandong Tyan Home Co Ltd down by 5.03 percent. ** About 8.06 billion shares have traded so far on the Shanghai exchange, roughly 57.1 percent of the market’s 30-day moving average of 14.11 billion shares a day. The volume traded was 16.45 billion, as of previous trading session. ** The Shanghai stock index is above its 50-day moving average and below its 200-day moving average. ** The price-to-earnings ratio of the Shanghai index was 13.82 as of the last full trading day, while the dividend yield was 2.2 percent. ** So far this week, the market capitalisation of the Shanghai stock index climbed 0.65 percent to 33.15 trillion yuan.

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

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