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REFILE-China shares gain on FTSE Russell entry hopes, potential MSCI weighting raise

Wed 26th September, 2018 8:31am
(Refiles to fix formatting issue)
    * SSEC up 0.9 pct near 2-month high
    * MSCI may quadruple weighting of China A-shares in global
indexes
    * FTSE Russell expected to include China shares this week
    * Consumer firms jump on holiday demand

    SHANGHAI, Sept 26 (Reuters) - China stocks closed higher on
Wednesday as global index provider MSCI said it will consider
quadrupling the weighting of Chinese big-caps in its global
benchmarks and as FTSE Russell is expected to include Chinese
shares in its benchmark this week. 

** At the close, the Shanghai Composite index  .SSEC  was up 0.9
percent at 2,806.81 points, its highest close since Aug. 1.
 
** The blue-chip CSI300 index finished 1.1 percent higher, with
its financial sector sub-index  .CSI300FS  gaining 0.94 percent.
The real estate index rose 0.02 percent and the healthcare
sub-index added 1.8 percent.
 
** Consumer firms rallied on better-than-expected demand during
the Mid-Autumn Festival. A sub-index of the CSI300 index
tracking consumer firms ended 3.3 percent higher, with liquor
maker Kweichow Moutai  600519.SS  ending 4 percent higher.
 
** After three years of saying "no", global index provider FTSE
Russell is widely expected to welcome mainland Chinese shares
into its major benchmarks this week, a move that could drive
billions of foreign dollars into a market hit by a trade war.
 urn:newsml:reuters.com:*:nL3N1W627A
 
** Global index provider MSCI  MSCI.N  said it will consider
quadrupling the weighting of Chinese big-caps in its global
benchmarks and also proposed adding mid-caps and shares listed
on Shenzhen's start-up board ChiNext.  urn:newsml:reuters.com:*:nL4N1WC06M
 
** Top Chinese steelmaker China Baowu Steel Group is in talks to
take over rival Magang Group, three sources familiar with the
discussions said, a deal that would help entrench the nation's
position as a serious competitor in global steel markets.
 urn:newsml:reuters.com:*:nL4N1WC053
 
** Baoshan Iron & Steel  600019.SS , Baowu's listed unit, ended
1.2 percent higher while Maanshan Iron & Steel Co Ltd
 600808.SS , Magang's listed unit, gained 1.0 percent.    
 
** Shares in Huatai Securities Co Ltd  601688.SS  rose 1.2
percent after the company said it plans to list in London,
potentially becoming the first Chinese company to sell shares
under the long-awaited Shanghai-London Stock Connect.
 urn:newsml:reuters.com:*:nL4N1WB2SZ     
 
** The smaller Shenzhen index  .SZSC  ended 0.73 percent firmer
and the start-up board ChiNext Composite index  .CHINEXTP  was
higher by 1.06 percent.
 
** Around the region, MSCI's Asia ex-Japan stock index
 .MIAPJ0000PUS  was firmer by 0.27 percent while Japan's Nikkei
index  .N225  closed up 0.39 percent.
 
** At 07:04 GMT, the yuan  CNY=CFXS  was quoted at 6.8765 per
U.S. dollar, 0.23 percent weaker than the previous close of
6.861. 
 
** The largest percentage gainers in the main Shanghai Composite
index were Guanghui Logistics Co Ltd  600603.SS , up 10.07
percent, followed by Jiangyin Hengrun Heavy Industries Co Ltd
 603985.SS , up 10.03 percent and Shandong Donghong Pipe
Industry Co Ltd  603856.SS , up 10.02 percent.
 
** The largest percentage losers in the Shanghai index were HNA
Technology Co Ltd  900938.SS  down 9.98 percent, followed by
A-Zenith Home Furnishings Co Ltd  603389.SS , down 9.96 percent
and HNA Technology Co Ltd  600751.SS  down 9.93 percent.
 
** So far this year, the Shanghai stock index is down 15.1
percent, the CSI300 has fallen 15.2 percent while China's
H-share index listed in Hong Kong is down 5.9 percent. Shanghai
stocks have risen 2.99 percent this month. 
 
** About 13.96 billion shares were traded on the Shanghai
exchange, roughly 127.1 percent of the market's 30-day moving
average of 10.98 billion shares a day. The volume in the
previous trading session was 11.20 billion.
 
** As of 07:05 GMT, China's A-shares were trading at a
premium of 19.41 percent over the Hong Kong-listed H-shares.
 
** The Shanghai stock index is above its 50-day moving average
and below its 200-day moving average.
 
** The price-to-earnings ratio of the Shanghai index was 11.76
as of the last full trading day while the dividend yield was 2.7
percent.
 
** So far this week, the market capitalisation of the Shanghai
stock index has fallen by 0.56 percent to 29.66 trillion yuan.

 (Reporting by Shanghai Newsroom; Editing by Vyas Mohan)
 ((Andrew.Galbraith@tr.com; +86 21 6104 1779; Reuters Messaging:
andrew.galbraith.thomsonreuters.com@reuters.net ; Twitter: https://twitter.com/apgalbraith))
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