June 25, 2019 / 4:54 AM / 7 months ago

China shares fall as trade concerns break bull run

* SSEC -1.8%, CSI300 -2.1%, HSI -1.3%

* Shanghai Composite down after 6 days of gains

* Banking shares fall 2.8% on economic worries

SHANGHAI, June 25 (Reuters) - China stocks fell on Tuesday after a long streak of gains as worries mounted that the United States and China would make little headway in trade talks this week, while economic concerns hit banking shares. ** At the midday break, the Shanghai Composite index was down 1.82% at 2,953.38 points. It was on track to snap six straight sessions of gains, its longest since February 2018. The Shanghai Composite rose more than 4% last week. ** China’s blue-chip CSI300 index was down 2.1%, with its financial sector sub-index lower by 2.72%, the consumer staples sector down 1.81%, the real estate index down 1.76% and the healthcare sub-index down 1.43%. ** Chinese H-shares listed in Hong Kong fell 2.14% at 10,718.1, while the Hang Seng Index was down 1.31% at 28,140.48. ** The declines followed a senior U.S. official saying that U.S. President Donald Trump is “comfortable with any outcome” from his expected meeting with Chinese President Xi Jinping at the upcoming Group of 20 summit in Japan this week, hitting hopes of progress in talks to end the bruising trade war. ** Chinese banking stocks fell as more lending to small firms, vulnerable to an economic slowdown, raised concerns of strains on the balance sheets of lenders. An index tracking Chinese banks fell 2.81%. China’s central bank said on Monday that more loans had been extended to small firms in the first five months of 2019. ** Banks also came under pressure after a report that Shanghai Pudong Development Bank (SPDB) Co Ltd may lose access to the U.S. financial system after a U.S. judge found the bank in contempt for refusing to comply with subpoenas in a North Korea sanctions violation investigation. SPDB fell 3.24%. ** The smaller Shenzhen index was down 2.04% and the start-up board ChiNext Composite index was weaker by 2.11%. ** Around the region, MSCI’s Asia ex-Japan stock index was weaker by 0.57%, while Japan’s Nikkei index was down 0.64%. ** The yuan was quoted at 6.8823 per U.S. dollar, 0.09% weaker than the previous close of 6.8761. ** The largest percentage gainers in the main Shanghai Composite index were Chifeng Jilong Gold Mining Co Ltd, up 10.05%, followed by TKD Science and Technology Co Ltd , gaining 10.02%, and First Tractor Co Ltd , up by 10.01%. ** The largest percentage losers in the Shanghai index were KPC Pharmaceuticals Inc, down 10.02%, followed by Hangzhou Electronic Soul Network Technology Co Ltd, losing 10%, and Holsin Engineering Consulting Group Co Ltd , down by 9.98%. ** So far this year, the Shanghai stock index is up 20.62%, while China’s H-share index is up 8.2%. Shanghai stocks have risen 3.78% this month. ** The top gainers among H-shares were ANTA Sports Products Ltd , up 0.55%, followed by Longfor Group Holdings Ltd , gaining 0.51%, and Dongfeng Motor Group Co Ltd , up by 0.33%. ** The three biggest H-shares percentage decliners were China Merchants Bank Co Ltd, which has fallen 8.99%, Bank of Communications Co Ltd, which has lost 4.0%, and Huatai Securities Co Ltd, down by 3.8%. ** In Hong Kong, the sub-index of the Hang Seng index tracking energy shares dipped 1%, while the IT sector fell 1.7%. The top gainer on the Hang Seng was Wharf Real Estate Investment Company Ltd, up 1.26%, while the biggest loser was Bank of Communications Co Ltd, which was down 4.03%.

Reporting by Andrew Galbraith; Editing by Subhranshu Sahu

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below