Shanghai stocks pare most losses; Beijing vows further financial sector opening

Hengan International

28/03/2019 05:03

* SSEC -0.3 pct, CSI300 0.1 pct, HSI 0.0 pct
    * China's premier pledges more financial sector opening to
foreign
investors
    * China makes unprecedented proposals on tech transfer,
trade
challenges remain -U.S. officials

    SHANGHAI, March 28 (Reuters) - Shanghai stocks pared most of
the early losses on Thursday after Beijing vowed further opening
up of its financial sectors and on some progress in the
Sino-U.S. trade talks.
    ** The CSI300 index  .CSI300  rose 0.1 percent to 3,746.82
at the end of the morning session, while the Shanghai Composite
Index  .SSEC  was down 0.3 percent to 3,014.83, after dropping
as much as 1 percent. 
    ** There was some relief after a Reuters report said that
the United States and China have made progress in all areas
under discussion in trade talks, with unprecedented movement on
the touchy issue of forced technology transfers.  urn:newsml:reuters.com:*:nL1N21F02B 
    ** China will allow greater market access for foreign banks
and insurance companies, especially in its financial services
sector, Premier Li Keqiang said on Thursday.  urn:newsml:reuters.com:*:nL3N21F0UY 
    ** Li's remarks, made in a speech at the annual Boao forum
held on China's southern island of Hainan, added to speculation
that China might soon announce new rules that will allow foreign
banks and insurance firms to increase their presence in China.
    ** The CSI300 financials index  .CSI300FS  declined 0.5
percent by the lunchbreak, recovering some of earlier losses. 
    ** Consumer shares  .CSI000912  outperformed with a 2.1
percent rise, led by Wuliangye Yibin  000858.SZ  climbing to
14-month high on robust profit growth.  urn:newsml:reuters.com:*:nL3N21F0JV 
    ** "Consolidation would be needed after a strong rally this
year, though the valuations for the A-share market remain
relatively low," Northeast Securities wrote in report. 
    ** In Hong Kong, the Hang Seng index  .HSI  was unchanged at
28,736.13, while the Hong Kong China Enterprises Index  .HSCE 
lost 0.1 percent to 11,292.50. 
    ** Around the region, MSCI's Asia ex-Japan stock index
 .MIAPJ0000PUS  was firmer by 0.08 percent, while Japan's Nikkei
index  .N225  was down 1.33 percent.
    ** The yuan  CNY=CFXS  was quoted at 6.7305 per U.S. dollar,
0.06 percent weaker than the previous close of 6.7265. 
    ** The largest percentage gainers on the main Shanghai
Composite index were Harbin Pharmaceutical Group Co Ltd
 600664.SS , up 10.07 percent, followed by Chongqing Gangjiu Co
Ltd  600279.SS , gaining 10.05 percent and Beijing Jingcheng
Machinery Electric Co Ltd  600860.SS , up by 10.04 percent.
    ** The largest percentage losers on the Shanghai index were
Zhejiang CONBA Pharmaceutical Co Ltd  600572.SS , down 10.02
percent, followed by China National Software & Service Co Ltd
 600536.SS , losing 10.01 percent and Suzhou Jin Hong Shun Auto
Parts Co Ltd  603922.SS , down by 10.01 percent.
    ** So far this year, the Shanghai stock index is up 21.2
percent, while China's H-share index is up 11.7 percent.
Shanghai stocks have risen 2.78 percent this month. 
    ** The top gainers among H-shares were Great Wall Motor Co
Ltd  2333.HK , up 3.41 percent, followed by Air China Ltd
 0753.HK , gaining 3.14 percent and SINOPHARM GROUP CO LTD
 1099.HK , up by 2.38 percent.
    ** The three biggest H-shares percentage decliners were Byd
Co Ltd  1211.HK , which has fallen 2.54 percent, Guangzhou
Automobile Group Co Ltd  2238.HK , which has lost 2.2 percent
and Hengan International Group Company Ltd  1044.HK , down by
1.9 percent.
    ** As of 04:28 GMT, China's A-shares were trading at a
premium of 21.90 percent over the Hong Kong-listed H-shares.

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China stock market graphics suite     http://reut.rs/1NfkoGl
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 (Reporting by Luoyan Liu and John Ruwitch; Editing by Rashmi
Aich)
 ((luoyan.liu@thomsonreuters.com; Reuters Messaging:
luoyan.liu.thomsonreuters.com@reuters.net))