China stocks fall amid growing trade frictions; HK follows Wall Street higher

Haidilao International Holding

13/06/2024 09:30

(Updates closing prices)
       SHANGHAI, June 13 (Reuters) - China stocks fell on
Thursday as Europe's additional tariffs on Chinese electric cars
deepened economic worries, but Hong Kong shares gained after
U.S. and world stocks touched record highs overnight.
    The European Commission told automakers on Wednesday it
would impose extra duties of up to 38.1% on imported Chinese
electric cars from July.
    Although investors shrugged off the anticipated announcement
- major Chinese electric car makers including BYD  1211.HK , Li
Auto  2015.HK  and Geely Auto  0175.HK  all rebounded - the
punitive duties reminded investors of the growing trade tensions
between China and the West, and cast a cloud over Chinese
exports.
    The latest inflation data showed China's economy continued
to suffer from deflationary pressure as demand remained weak.   
 
** At the close, the Shanghai Composite index  .SSEC  was down
0.28% at 3,028.92.
     
** The blue-chip CSI300 index  .CSI300  was down 0.51%, with its
financial sector sub-index  .CSI300FS  lower by 0.41%, the
consumer staples sector  .CSI000912  down 1.53%, the real estate
index  .CSI000952  down 2.06% and the healthcare sub-index
 .CSI300HC  down 1.09%.
        
**  The smaller Shenzhen index  .SZSC  ended down 0.62% and the
start-up board ChiNext Composite index  .CNT  was weaker by
0.091%.

** In Hong Kong, the Hang Seng index  .HSI  was up 174.79 points
or 0.97% at 18,112.63. The Hang Seng China Enterprises index
 .HSCE  rose 0.98% to 6,421.81.
 
** The sub-index of the Hang Seng tracking energy shares
 .HSCIE  dipped 0.8%, while the IT sector  .HSCIIT  rose 1.94%,
the financial sector  .HSNF  ended 0.12% higher and the property
sector rose 0.32%.

** The largest percentage gainers in the main Shanghai Composite
index were Shenzhen Xunjiexing Technology Corp Ltd  688655.SS ,
up 20.05%, followed by Zhejiang Zone-King Environmental Sci &
Tech Co Ltd  688701.SS , gaining 20.04%, and Shenzhen Kiwi
Instruments Co Ltd  688045.SS , up by 20%.
     
** The top gainers among H-shares were BYD Co Ltd  1211.HK , up
5.82%, followed by ENN Energy Holdings Ltd  2688.HK , gaining
4.44%, and Haidilao International Holding Ltd  6862.HK , up by
3.84%.

 (Reporting by Shanghai Newsroom; Editing by Janane Venkatraman
and Mrigank Dhaniwala
)