November 8, 2018 / 7:39 AM / 7 months ago

China stocks extend falls as trade, economic concerns linger

* SSEC -0.2 pct, CSI300 -0.3 pct

* Shares give up morning session gains

* Strong export numbers come ahead of higher U.S tariffs

* Analysts see policy in “stabilising” period

SHANGHAI, Nov 8 (Reuters) - Stocks in China gave up earlier gains and closed lower for a fourth straight session on Thursday, as investors remained concerned over the trade outlook and awaited concrete signs of policy support for a slowing economy and wobbly markets. ** At the close, the blue-chip CSI300 index was down 0.3 percent at 3,212.77 points, while the Shanghai Composite Index lost 0.2 percent to 2,635.63 points. ** The CSI financial sector sub-index ended 0.05 percent higher, the consumer staples sector finished up 0.32 percent, the real estate index lost 0.12 percent and the healthcare sub-index gained 0.15 percent. ** “The U.S. midterm elections are set and the Democratic Party has taken back control of the House, but this has not relieved market concerns over the Sino-U.S. trade conflict,” Guosheng Securities analysts said in a note. They said domestic policy remains the deciding factor in the direction of A-shares at the moment, and that policy is at present in a “stabilising” phase. ** China reported stronger-than-expected exports for October as shippers rushed goods to the United States ahead of higher tariff rates due to kick in at the start of next year. Import growth also came in above expectations, suggesting Beijing’s efforts to cushion the cooling economy may be slowly starting to make themselves felt. ** The smaller Shenzhen index ended down 0.48 percent and the start-up board ChiNext Composite index was weaker by 1.202 percent. ** Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.47 percent, while Japan’s Nikkei index closed up 1.82 percent. ** At 07:23 GMT, the yuan was quoted at 6.928 per U.S. dollar, 0.1 percent weaker than the previous close of 6.9214. ** The largest percentage gainers on the main Shanghai Composite index were Founder Technology Group Co Ltd, up 10.08 percent, followed by Gansu Gangtai Holding Group Co Ltd , gaining 10.07 percent, and Tianjin Hi-Tech Development Co Ltd, up by 10.05 percent. ** The largest percentage losers on the Shanghai index were Eastern Gold Jade Co Ltd, down 10 percent, followed by China Hainan Rubber Industry Group Co Ltd, losing 9.97 percent, and DELIXI XINJIANG Transportation Co Ltd down by 8.81 percent. ** So far this year, the Shanghai stock index is down 20.3 percent, the CSI300 has fallen 20.3 percent, while China’s H-share index listed in Hong Kong is down 8.8 percent. Shanghai stocks have risen 1.26 percent this month. ** About 15.96 billion shares were traded on the Shanghai exchange, roughly 103.7 percent of the market’s 30-day moving average of 15.39 billion shares a day. The volume in the previous trading session was 17.32 billion. ** As of 07:24 GMT, China’s A-shares were trading at a premium of 18.12 percent over the Hong Kong-listed H-shares. ** The Shanghai stock index is below its 50-day moving average and below its 200-day moving average. ** The price-to-earnings ratio of the Shanghai index was 11.07 as of the last full trading day, while the dividend yield was 2.8 percent. ** So far this week, the market capitalisation of the Shanghai stock index has fallen by 1.31 percent to 28.25 trillion yuan. (Reporting by Andrew Galbraith; Editing by Subhranshu Sahu)

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