China, Hong Kong stocks track global selloff on Turkey woes

Hong Kong and China Gas

13/08/2018 05:20

* SSEC -1.7 pct, CSI300 -1.9 pct, HSI -1.8 pct
    * HK->Shanghai Connect daily quota used -0.6 pct
    * FTSE China A50 -2.3 pct, BNY Mellon ADR China Select -0.4
pct

    SHANGHAI, Aug 13 (Reuters) - China and Hong Kong stocks
slumped on Monday, tracking a global selloff, as investors
reacted to a renewed rout in the Turkish lira that dampened risk
appetite for emerging markets. 
** The CSI300 index  .CSI300  fell 1.9 percent to 3,341.94
points at the end of the morning session, while the Shanghai
Composite Index  .SSEC  lost 1.7 percent, to 2,746.90 points. 
** The Hang Seng index  .HSI  dropped 1.8 percent to 27,847.32
points, while the Hong Kong China Enterprises Index  .HSCE  lost
2.1 percent, to 10,713.16 points. 
** The Chinese yuan  CNY=CFXS  was quoted at 6.876 per U.S.
dollar, 0.47 percent weaker than the previous close of 6.844.
The yuan weakened against the rising dollar on Monday to reflect
a lower official yuan midpoint and weakness in the euro
following Turkey's currency crisis.
** Turkey has drafted a economic action plan and will start
implementing it on Monday morning to ease investor concerns,
Finance Minister Berat Albayrak said on Sunday, after the lira
plunged to a fresh low in early Asia-Pacific trade.  urn:newsml:reuters.com:*:nL5N1V30EV
** The lira tumbled on worries over Turkish President Tayyip
Erdogan's increasing control over the economy and deteriorating
relations with the United States.
** "The lira's depreciation will have a knock-on impact on
emerging markets and China stocks tracking losses today is quite
normal," said Zhou Yu, an analyst with Pacific Securities.
** Investors tend to react overly to bad news amid the broad
weakness in the stock market, as sentiment is relatively fragile
for the moment, Zhou added. 
** Around the region, MSCI's Asia ex-Japan stock index
 .MIAPJ0000PUS  was weaker by 1.72 percent while Japan's Nikkei
index  .N225  was down 1.84 percent.
** The largest percentage gainers in the main Shanghai Composite
index were Qibu Corp Ltd  603557.SS  up 10.02 percent, followed
by Zhejiang Xinneng Photovoltaic Technology Co Ltd  603105.SS 
gaining 10.02 percent and Butone Information Corporation XiAn
 600455.SS  up by 10.01 percent.
** The largest percentage losses in the Shanghai index were HNA
Infrastructure Investment Group Co Ltd  600515.SS  down 10.04
percent, followed by Ningbo Lehui International Engineering
Equipment Co Ltd  603076.SS  losing 10 percent and Zhejiang
Three Stars New Materials Co Ltd  603578.SS  down 8.37 percent.
** The top gainers among H-shares were Shenzhou International
Group Holdings Ltd  2313.HK  up 3.27 percent, followed by
Guangzhou Automobile Group Co Ltd  2238.HK  gaining 0.27 percent
and SINOPHARM GROUP CO LTD  1099.HK  up by 0.14 percent.
** The three biggest H-shares percentage decliners were ZhongAn
Online P & C Insurance Co Ltd  6060.HK  which has fallen 6.03
percent, Air China Ltd  0753.HK  which has lost 5.1 percent and
China Huarong Asset Management Co Ltd  2799.HK  down by 4.6
percent.
** About 7.34 billion shares have been traded so far on the
Shanghai exchange, roughly 52.4 percent of the market's 30-day
moving average of 14.00 billion shares. The volume traded was
12.15 billion as of the last full trading day.
** As of 04:02 GMT, China's A-shares were trading at a premium
of 16.07 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.
** In Hong Kong, the sub-index of the Hang Seng index tracking
energy shares  .HSCIE  dipped 2.1 percent while the IT sector
 .HSCIIT  fell 2.5 percent. The top gainer on Hang Seng was Hong
Kong and China Gas Co Ltd  0003.HK  up percent, while the
biggest loser was Bank of East Asia Ltd  0023.HK  which was down
6.94 percent.

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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 Sunil
Nair)
 ((luoyan.liu@thomsonreuters.com; Reuters Messaging:
luoyan.liu.thomsonreuters.com@reuters.net))