May 2, 2018 / 4:38 AM / 3 months ago

CORRECTED-China, HK stocks fall ahead of Sino-U.S. trade talks

(Corrects headline to say HK shares down, not up)

* SSEC -0.4 pct, CSI300 -0.2 pct, HSI -0.6 pct

* HK->Shanghai Connect daily quota used 3.9 pct

* US, China to start trade talks from Thursday in Beijing

SHANGHAI, May 2 (Reuters) - China stocks, which resumed trading after the Labour Day holiday, fell on Wednesday morning, as investors braced for trade talks between U.S. and Chinese officials amid concerns over economic growth. Hong Kong shares were also down.

** The CSI300 index fell 0.2 percent, to 3,748.98 points at the end of the morning session, while the Shanghai Composite Index lost 0.4 percent, to 3,070.45 points. ** The Hang Seng index dropped 0.6 percent, to 30,622.73 points. The Hong Kong China Enterprises Index lost 1.5 percent, to 12,144.30. ** Senior U.S. and Chinese officials will hold trade talks from Thursday in China, as Washington threatens to impose tariffs on up to $150 billion of Chinese imports and Beijing vowed to retaliate.

** Investors are also concerned over the health of China’s economy. “Despite a solid Q1, we still see some concerns and expect more downward pressure on bottomline growth in the next few quarters,” Gao Ting, head of China Strategy at UBS Securities, wrote.

** China’s blue-chip CSI300 index fell, with its financial sector sub-index lower by 0.24 percent, the consumer staples sector down 1.4 percent, the real estate index down 0.63 percent and healthcare sub-index up 0.43 percent. ** The smaller Shenzhen index was down 0.32 percent and the start-up board ChiNext Composite index was weaker by 0.22 percent. ** Around the region, MSCI’s Asia ex-Japan stock index was weaker by 0.18 percent while Japan’s Nikkei index was down 0.25 percent. ** The yuan was quoted at 6.359 per U.S. dollar, 0.44 percent weaker than the previous close of 6.331. ** The largest percentage gainers in the main Shanghai Composite index were Whirlpool China Co Ltd up 10.07 percent, followed by Tibet Rhodiola Pharmaceutical Holding Co gaining 10 percent and Tianjin Zhongxin Pharmaceutical Group Corp Ltd up by 9.99 percent. ** The largest percentage losers in the Shanghai index were Asia Cuanon Technology Shanghai Co Ltd down 10.02 percent, followed by Huayi Electric Co Ltd losing 10.02 percent and Xishui Strong Year Co Ltd Inner Mongolia down by 10.02 percent. ** The top gainers among H-shares were China Resources Land Ltd up 0.84 percent, followed by Tencent Holdings Ltd gaining 0.82 percent and China Railway Group Ltd up by 0.79 percent. ** The three biggest H-shares percentage decliners were Sinopharm Group Co Ltd which has fallen 4.23 percent, Byd Co Ltd which has lost 3.9 percent and China Vanke Co Ltd down by 3.5 percent. ** About 8.12 billion shares have traded so far on the Shanghai exchange, roughly 51.6 percent of the market’s 30-day moving average of 15.75 billion shares. The volume traded was 0.00 as of the last full trading day. ** As of 04:20 GMT, China’s A-shares were trading at a premium of 20.39 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 13.25 as of the last full trading day while the dividend yield was 2.3 percent. ** In Hong Kong, the sub-index of the Hang Seng index tracking energy shares dipped 0.5 percent while the IT sector rose 0.7 percent. The top gainer on Hang Seng was Sunny Optical Technology Group Co Ltd up 4.69 percent, while the biggest loser was Wharf Real Estate Investment Company Ltd which was down 3.39 percent.

Reporting by Samuel Shen and John Ruwitch; Editing by Sunil Nair

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