* HSI -0.4 pct, H-shares -0.1 pct, CSI300 -1.2 pct
* China president's comments dampen stimulus optimism
* Tencent down on censorship fears
* Hong Kong telecoms sector outperforms
By Natalie Thomas
BEIJING, April 28 China stocks began the week
with a fourth straight day of losses, shedding more than 1
percent after comments from President Xi Jinping cast doubt on
hopes for further stimulus.
Hong Kong shares were also down, with index heavyweight
Tencent the biggest drag on the market as investors worried that
a clampdown on online video may affect future revenues.
By midday, the CSI300 index of the largest
Shanghai and Shenzhen A-share listings fell 1.2 percent, while
the Shanghai Composite Index slipped 1.2 percent to
The Hang Seng Index was down 0.4 percent at 22,137.31
points. The China Enterprises Index of the top Chinese
listings in Hong Kong dropped 0.1 percent.
Mainland investor confidence took a further hit over the
weekend after state media reported comments from Xi Jinping at a
politburo meeting on Friday, saying that current fiscal and
monetary policies would basically remain unchanged.
"I think the language he used and the overall content in the
speech was below what people had expected," said Du Changchun,
an analyst at Northeast Securities in Shanghai.
"If there's no change in basic economic policy then it's
likely there won't be any strong measures, and overall this is
dragging on expectations."
China's blue chip state-owned banks managed a moderate
improvement on overall index performance, after another of the
country's top four institutions posted better-than-expected
first quarter results.
China Construction Bank Corp was flat at the
lunch break, having gained 0.8 percent earlier in the day, after
the country's second-biggest listed lender posted a 10.4 percent
rise in first-quarter net profit on Sunday thanks to higher
interest and fee income.
The bank's Hong Kong shares were up 0.8 percent at
Agricultural Bank of China was up 0.4 percent
and Industrial and Commercial Bank of China Ltd was
flat, having risen 0.6 percent earlier in the morning.
In Hong Kong, shares in Tencent fell 3.0 percent,
after China's State Administration of Press, Publication, Radio,
Film and Television (SAPPRFT) banned four popular U.S. TV shows
from being broadcast on online video streaming sites.
The ban is expected to precede a wider crackdown on foreign
shows being aired on Chinese online platforms, which are
currently enjoying rapid growth and are expected to be worth 37
billion yuan by 2017, according to iresearch.
Tencent operates China's biggest online video platform,
according to its own website.
But shares of Yue Yuen Industrial Holdings Ltd
rose 1.5 percent after the maker of footwear for brands
including Nike Inc and Adidas, announced that
over 80 percent of its workers, who staged one of China's
biggest strikes over the past two weeks at its Dongguan factory,
returned to work.
Telecom shares also gained, led by China Telecom Corp Ltd
which rose 3.1 percent, after the company posted a
17.9 percent increase in Q1 net profit on Monday.
Shares in China Mobile Ltd and China Unicom Hong
Kong Ltd, the mainland's two other major service
providers, were also lifted by the news. China Mobile was up 0.9
percent and Unicom gained 1.8 percent.
(Editing by Jacqueline Wong)