* HSI -0.3 pct, H-shares -0.2 pct, CSI300 -1.0 pct
* Macau casino sector down after gaming revenue disappoints
* Prada tumbles to lowest since August 2012 as Q1 sales fall
* Qingdao Port dips below offering price in HK debut
(Updates to midday)
By Grace Li
HONG KONG, June 6 China shares fell and could
post their first weekly loss in four, as investors pull money
out of the market while awaiting direction from major economic
data in the coming week.
Hong Kong's benchmark index was up half a percent when it
opened, lifted by the European Central Bank's latest stimulus
package, but gains were reversed in late trade as losses
accelerated in markets on the China mainland.
The ECB boosted Europe and U.S. markets on Thursday by
cutting interest rates to record lows and launching a series of
measures to pump money into the sluggish euro zone economy.
By midday, the Hang Seng Index was down 0.3 percent
at 23,051.07 points, while the China Enterprises Index
of the top Chinese listings in Hong Kong slipped 0.2 percent.
The CSI300 of the leading Shanghai and Shenzhen
A-share listings fell 1.0 percent, while the Shanghai Composite
Index was off 0.6 percent at 2,028.02 points.
On the week, the Hang Seng Index is now down 0.1 percent.
The H-share index fared better, now up 0.9 percent and was
headed for its fourth straight weekly gain. The CSI300 and
Shanghai Composite are down 1.3 and 0.5 percent, respectively.
"The concerns about a slowing Chinese economy and the
possibility of a hard landing in some parts of China still weigh
on the markets," said Larry Jiang, chief strategist at Guotai
Junan International Securities in Hong Kong.
"That's why those large-cap stocks like Chinese bank shares
failed to outperform with so much good news around," Jiang
In Shanghai, Industrial and Commercial Bank of China
slid 0.6 percent, the biggest index drag, while Bank
of China lost 0.7 percent.
The Macau gaming sector was broadly lower in the morning
session, with Wynn Macau, MGM China Holdings
and Galaxy Entertainment Group all down more than 2
percent. Losses have been seen since revenue data from earlier
this week came in weaker than expected.
Qingdao Port International was down 2.4 percent
from its HK$3.76 per share IPO price on its trading debut in
Hong Kong, amid concern that the company could be hurt by a
probe into metal financing at the world's seventh-busiest port.
Prada sank 5.9 percent to its lowest since August
2012 after the Italian luxury group signaled a possible cut in
its full-year guidance as first-quarter sales dropped in its
main European and Asian markets.
Markets are bracing for the U.S. payrolls report due later
Friday and a slew of China economic data for May. Trade is due
on Sunday, inflation on Tuesday, and urban investment,
industrial output and retail sales next Friday. Monthly money
supply and loan growth data is expected between June 10 and 15.
(Editing by Jacqueline Wong)