China shares snap three-day losing streak, HK down ahead of Powell's speech

NetEase

23/08/2024 10:04

(Updates to the close)
       SHANGHAI, Aug 23 (Reuters) - China stocks ended higher
on Friday after three straight sessions of losses, while Hong
Kong shares fell in conjunction with regional peers amid caution
ahead of Federal Reserve Chair Jerome Powell's speech.
    Powell is scheduled to speak at a central bank event in
Jackson Hole, Wyoming, later on Friday, where global investors
will tune in to gauge the extent and timing of U.S. rate cuts.
    ** At the close, the Shanghai Composite index  .SSEC  was up
0.2% at 2,854.37 points.
    ** The blue-chip CSI300 index  .CSI300  was up 0.42%, with
its financial sector sub-index  .CSI300FS  higher by 1.18%, the
consumer staples sector  .CSI000912  down 0.04%, the real estate
index  .CSI000952  down 0.19% and the healthcare sub-index
 .CSI300HC  down 0.21%.
    ** The smaller Shenzhen index  .SZSC  ended up 0.08% and the
start-up board ChiNext Composite index  .CNT  was unchanged.
    ** Electric vehicle shares led losses this week amid rising
trade tensions between China and the European Union, with a
gauge measuring the sector  .CSI399976  falling 2.4% for the
week to the lowest level in more than four years.
        ** China's Commerce Ministry 
    met
     with automakers and industry associations on Friday to
discuss raising import tariffs on large-engined gasoline
vehicles, sounding a warning as the European Union nears a
tariff decision on Chinese electric cars.
  
    ** At the close of trade, the Hang Seng index  .HSI  was
down 28.90 points or 0.16% at 17,612.10. The Hang Seng China
Enterprises index  .HSCE  fell 0.08% to 6,219.24.
    ** The sub-index of the Hang Seng tracking energy shares
 .HSCIE  rose 0.6%, while the IT sector  .HSCIIT  dipped 0.56%,
the financial sector  .HSNF  ended 0.45% higher and the property
sector dipped 0.45%.
    ** The top gainer on the Hang Seng was Ping An Insurance
Group Co of China Ltd  2318.HK , which gained 3.64%, while the
biggest loser was NetEase Inc  9999.HK , which fell 10.28%.
    ** Around the region, MSCI's Asia ex-Japan stock index
 .MIAPJ0000PUS  was weaker by 0.05%, while Japan's Nikkei index
 .N225  closed up 0.4%.
    ** The yuan  CNY=CFXS  was quoted at 7.1365 per U.S. dollar
at 0845 GMT, 0.16% firmer than the previous close of 7.148. 

 (Reporting by Shanghai Newsroom; Editing by Sonia Cheema and
Eileen Soreng)