February 5, 2018 / 4:22 AM / a year ago

China and Hong Kong stocks extend global slide on inflation worries

* SSEC -0.2 pct, CSI300 -0.7 pct, HSI -1.8 pct

* HK->Shanghai Connect daily quota used -22.3 pct, Shanghai->HK daily quota used 46.1 pct

* FTSE China A50 -0.7 pct, BNY Mellon ADR China Select Index -1.2 pct

SHANGHAI, Feb 5 (Reuters) - China and Hong Kong stocks took a battering on Monday before recouping some of their losses by midday, as fears of resurgent inflation jolted bonds, toppled Wall Street from record highs amid speculation that central banks globally might be forced to tighten policy more aggressively. ** The gloom in equities overwhelmed a private survey showing China’s services sector got off to a flying start in 2018, expanding at its fastest pace in almost six years. ** After suffering their biggest weekly loss in over a year, China’s stocks bled more on Monday led by tumbling liquor makers, as investors booked profits after a strong rally. ** The Hang Seng Index slumped as much as 2.7 percent before ending 1.8 percent lower by midday, poised for the third session of loss and its worst day in two months. The Chinese H-shares listed in Hong Kong fell 1.66 percent at 13,314.53. ** At 04:00 GMT, the Shanghai Composite index was down 6.18 points or 0.18 percent at 3,455.90. ** China’s blue-chip CSI300 index was down 0.73 percent, with its financial sector sub-index lower by 0.06 percent, the consumer staples sector down 3.41 percent, the real estate index down 0.9 percent and healthcare sub-index down 1.3 percent. ** The smaller Shenzhen index was down 0.8 percent and the start-up board ChiNext Composite index was 0.55 percent weaker. ** Around the region, MSCI’s Asia ex-Japan stock index tumbled 1.73 percent while Japan’s Nikkei index was down a bigger 2.52 percent . ** The yuan was quoted at 6.2986 per U.S. dollar, 0.01 percent firmer than the previous close of 6.299. ** The largest percentage gainers in the main Shanghai Composite index were Xinjiang Talimu Agriculture Development Co Ltd up 10.05 percent, followed by Gansu Dunhuang Seed Co Ltd gaining 9.98 percent and Heilan Home Co Ltd up by 9.97 percent. ** The largest percentage losses in the Shanghai index were Datang Telecom Technology Co Ltd down 10.03 percent, followed by Shanxi Xinghuacun Fen Wine Factory Co Ltd losing 10 percent and LONGi Green Energy Technology Co Ltd down 9.98 percent. ** So far this year, the Shanghai stock index is up 4.68 percent, while China’s H-share index is up 15.6 percent. Shanghai stocks have declined 0.54 percent this month. ** The top gainers among H-shares were Air China Ltd up 2.71 percent, followed by Guangzhou Automobile Group Co Ltd gaining 2.63 percent and China Pacific Insurance Group Co Ltd up by 0.99 percent. ** The three biggest H-shares percentage decliners were China Vanke Co Ltd off 3.49 percent, PetroChina Co Ltd down 3.0 percent and China Merchants Bank Co Ltd losing 2.7 percent. ** About 11.86 billion shares have traded so far on the Shanghai exchange, roughly 57.8 percent of the market’s 30-day moving average of 20.53 billion shares a day. The volume traded was 20.81 billion as of the last full trading day. ** As of 04:01 GMT, China’s A-shares were trading at a premium of 32.58 percent over the Hong Kong-listed H-shares. ** The Shanghai stock index is above its 50-day and 200-day moving averages. ** In Hong Kong, the sub-index of the Hang Seng index tracking energy shares dipped 2.6 percent while the IT sector fell 2.3 percent. The top gainer on Hang Seng was AAC Technologies Holdings Inc up 1.84 percent, while the biggest loser was CNOOC Ltd off 3.48 percent.

Reporting by Samuel Shen and John Ruwitch Editing by Shri Navaratnam

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