China stocks gain as subdued trade data raises policy support hopes

China Resources Beer Holdings

08/06/2020 05:51

* SSEC 0.3%, CSI300 0.6%, HSI 0.2%
    * HK->Shanghai Connect daily quota used 2.9%, Shanghai->HK
daily
quota used 1.7%
    * FTSE China A50 +0.8%

    SHANGHAI, June 8 (Reuters) - China stocks rose on Monday, as
downbeat trade data reinforced hopes for further stimulus to
shore up the world's second largest economy amid the coronavirus
outbreak. 
    ** At the midday break, the Shanghai Composite index  .SSEC 
was up 0.28% at 2,939.13. 
    ** China's blue-chip CSI300 index  .CSI300  was up 0.56%,
with its financial sector sub-index  .CSI300FS  higher by 0.7%,
the consumer staples sector  .CSI000912  up 0.09%, the real
estate index  .CSI000952  up 1.49% and the healthcare sub-index
 .CSI300HC  down 1.42%.
    ** Chinese H-shares listed in Hong Kong  .HSCE  fell 0.21%
to 10,044.72, while the Hang Seng Index  .HSI  was up 0.17% at
24,812.58. 
    ** The smaller Shenzhen index  .SZSC  was up 0.2% and the
start-up board ChiNext Composite index  .CNT  was weaker by
0.43%. 
    ** China's exports contracted in May as global coronavirus
lockdowns continued to devastate demand, while a
sharper-than-expected fall in imports pointed to mounting
pressure on manufacturers as global growth stalls.  urn:newsml:reuters.com:*:nL4N2DK0KQ 
    ** The sombre trade readings for the world's second-biggest
economy could pile pressure on policymakers to roll out more
support for a sector that is critical to the livelihoods of more
than 180 million workers. 
    ** The recovery of China's domestic demand is relatively
good, while pressure from external demand could persist, Zhou
Yu, an analyst with Pacific Securities, noted in a report.  
    ** China will strengthen international cooperation in future
COVID-19 clinical vaccine trials, building on earlier
collaboration in vaccine development, the science and technology
minister said on Sunday.  urn:newsml:reuters.com:*:nL4N2DK02N 
    ** Around the region, MSCI's Asia ex-Japan stock index
 .MIAPJ0000PUS  was firmer by 0.35% while Japan's Nikkei index
 .N225  was up 1.13%.
    ** The yuan  CNY=CFXS  was quoted at 7.0853 per U.S. dollar,
0.06% weaker than the previous close of 7.0812. 
    ** As of 0414 GMT, China's A-shares were trading at a
premium of 25.46% over the Hong Kong-listed H-shares.

 (Reporting by Luoyan Liu and Andrew Galbraith; Editing by
Rashmi Aich)
 ((luoyan.liu@thomsonreuters.com; Reuters Messaging:
luoyan.liu.thomsonreuters.com@reuters.net))