March 7, 2018 / 4:36 AM / 9 months ago

Hong Kong stocks fall as trade war fears resurface; China steady

    * SSEC 0.1 pct, CSI300 0.0 pct, HSI -0.4 pct
    * HK->Shanghai Connect daily quota used -1.2 pct,
daily quota used 7.6 pct
    * FTSE China A50 +0.4 pct, BNY Mellon ADR China Select Index

    SHANGHAI, March 7 (Reuters) - Hong Kong stocks weakened on
Wednesday morning, as the departure of a key advocate for free
trade in the White House, Gary Cohn, heightened trade war fears.
** White House economic adviser Gary Cohn, seen as a bulwark
against protectionist forces within the Trump administration,
said on Tuesday he was leaving.              
** Cohn's resignation poured cold water on a recovery in risk
appetite that followed news on Tuesday that South Korea would
hold its first summit with the North in more than a decade. 
** China stocks held steady by the lunchbreak, aided by banking
shares rallying as regulator plans to cut lenders' bad debt
** "The (banking regulator's) move could bolster investor
confidence in banks, as worries over their bad debts would
gradually ebb," said Gao Ting, Head of China Strategy, UBS
** As of 0409 GMT, the Shanghai Composite index was up 4.60
points or 0.14 percent at 3,294.24. 
** China's blue-chip CSI300 index           was up 0.02 percent,
with its financial sector sub-index             higher by 0.44
percent, the consumer staples sector up 0.01 percent, the real
estate index down 0.84 percent and healthcare sub-index down
0.26 percent .
** Chinese H-shares listed in Hong Kong         dropped 0.46
percent to 12,254.64, while the Hang Seng Index        slipped
0.35 percent to 30,403.04. 
** The smaller Shenzhen index         was down 0.26 percent and
the start-up board ChiNext Composite index             was
weaker by 0.55 percent.
** Around the region, MSCI's Asia ex-Japan stock index
                was weaker by 0.32 percent, while Japan's Nikkei
index         was down 0.63 percent.
** The yuan            was quoted at 6.3277 per U.S. dollar,
0.28 percent weaker than the previous close of 6.31. 
** The largest percentage gainers in the main Shanghai Composite
index were Shanghai Tianchen Co Ltd            , which gained
9.99 percent, followed by Shanghai Jielong Industry Group Corp
Ltd            , which climbed 9.96 percent and Tibet Tourism Co
Ltd             that rose 9.92 percent.
** The largest percentage losses in the Shanghai index were
Qingdao Tianhua Institute of Chemistry Engineering Co Ltd
            down 6.41 percent, followed by Zhejiang Jiahua
Energy Chemical Industry Co Ltd             losing 5.04 percent
and Shandong Lukang Pharmaceutical Co Ltd             down by
4.84 percent.
** The top gainers among H-shares were CSPC Pharmaceutical Group
Ltd           up 1.71 percent, followed by Hengan International
Group Company Ltd           gaining 1.39 percent and China
Construction Bank Corp           up by 1.25 percent.
** The three biggest H-shares percentage decliners were Air
China Ltd           which has fallen 3.99 percent, Dongfeng
Motor Group Co Ltd           which has lost 2.9 percent and
China Shenhua Energy Co Ltd           down by 2.1 percent.
** About 9.97 billion shares have traded so far on the Shanghai
exchange, roughly 49.2 percent of the market's 30-day moving
average of 20.24 billion shares a day. The volume traded was
19.54 billion as of the last full trading day.
** As of 0409 GMT, China's A-shares were trading at a premium of
29.91 percent over the Hong Kong-listed H-shares.
** The Shanghai stock index is below its 50-day moving average
and below the 200-day moving average.
** The price-to-earnings ratio of the Shanghai index was 14.99
as of the last full trading day while the dividend yield was 1.9
** So far this week, the market capitalisation of the Shanghai
stock index has risen by 0.97 percent to 29.40 trillion yuan.
** In Hong Kong, the sub-index of the Hang Seng index tracking
energy shares          fell 1.2 percent, while the IT sector
          dipped 0.6 percent. The top gainer on Hang Seng was
Hengan International Group Co Ltd           up 1.39 percent,
while the biggest loser was AIA Group Ltd           which was
down 2.09 percent.

 (Reporting by Samuel Shen, Luoyan Liu and John Ruwitch, Editing
by Sherry Jacob-Phillips)
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