August 13, 2018 / 4:21 AM / 10 months ago

China, Hong Kong stocks track global selloff on Turkey woes

* SSEC -1.7 pct, CSI300 -1.9 pct, HSI -1.8 pct

* HK->Shanghai Connect daily quota used -0.6 pct

* FTSE China A50 -2.3 pct, BNY Mellon ADR China Select -0.4 pct

SHANGHAI, Aug 13 (Reuters) - China and Hong Kong stocks slumped on Monday, tracking a global selloff, as investors reacted to a renewed rout in the Turkish lira that dampened risk appetite for emerging markets. ** The CSI300 index fell 1.9 percent to 3,341.94 points at the end of the morning session, while the Shanghai Composite Index lost 1.7 percent, to 2,746.90 points. ** The Hang Seng index dropped 1.8 percent to 27,847.32 points, while the Hong Kong China Enterprises Index lost 2.1 percent, to 10,713.16 points. ** The Chinese yuan was quoted at 6.876 per U.S. dollar, 0.47 percent weaker than the previous close of 6.844. The yuan weakened against the rising dollar on Monday to reflect a lower official yuan midpoint and weakness in the euro following Turkey’s currency crisis. ** Turkey has drafted a economic action plan and will start implementing it on Monday morning to ease investor concerns, Finance Minister Berat Albayrak said on Sunday, after the lira plunged to a fresh low in early Asia-Pacific trade. ** The lira tumbled on worries over Turkish President Tayyip Erdogan’s increasing control over the economy and deteriorating relations with the United States. ** “The lira’s depreciation will have a knock-on impact on emerging markets and China stocks tracking losses today is quite normal,” said Zhou Yu, an analyst with Pacific Securities. ** Investors tend to react overly to bad news amid the broad weakness in the stock market, as sentiment is relatively fragile for the moment, Zhou added. ** Around the region, MSCI’s Asia ex-Japan stock index was weaker by 1.72 percent while Japan’s Nikkei index was down 1.84 percent. ** The largest percentage gainers in the main Shanghai Composite index were Qibu Corp Ltd up 10.02 percent, followed by Zhejiang Xinneng Photovoltaic Technology Co Ltd gaining 10.02 percent and Butone Information Corporation XiAn up by 10.01 percent. ** The largest percentage losses in the Shanghai index were HNA Infrastructure Investment Group Co Ltd down 10.04 percent, followed by Ningbo Lehui International Engineering Equipment Co Ltd losing 10 percent and Zhejiang Three Stars New Materials Co Ltd down 8.37 percent. ** The top gainers among H-shares were Shenzhou International Group Holdings Ltd up 3.27 percent, followed by Guangzhou Automobile Group Co Ltd gaining 0.27 percent and SINOPHARM GROUP CO LTD up by 0.14 percent. ** The three biggest H-shares percentage decliners were ZhongAn Online P & C Insurance Co Ltd which has fallen 6.03 percent, Air China Ltd which has lost 5.1 percent and China Huarong Asset Management Co Ltd down by 4.6 percent. ** About 7.34 billion shares have been traded so far on the Shanghai exchange, roughly 52.4 percent of the market’s 30-day moving average of 14.00 billion shares. The volume traded was 12.15 billion as of the last full trading day. ** As of 04:02 GMT, China’s A-shares were trading at a premium of 16.07 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. ** In Hong Kong, the sub-index of the Hang Seng index tracking energy shares dipped 2.1 percent while the IT sector fell 2.5 percent. The top gainer on Hang Seng was Hong Kong and China Gas Co Ltd up percent, while the biggest loser was Bank of East Asia Ltd which was down 6.94 percent.

Reporting by Luoyan Liu and John Ruwitch; Editing by Sunil Nair

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