China stocks fall despite better exports data; Alibaba lifts HK shares

New Oriental Education & Technology

10/09/2024 06:20

By Summer Zhen
       SHANGHAI, Sept 10 (Reuters) - 
    China stocks fell on Tuesday and were on track to a fresh
seven-month low, as strong export data failed to allay market
concerns about trade disputes and domestic deflation.
    Hong Kong shares gained, thanks to the jump in Alibaba's
Hong Kong shares  9988.HK  as it was added to the Stock Connect
Scheme, allowing mainland investors to buy the stock. 
    China's exports grew at their fastest pace since March 2023
in August, while imports missed forecasts amid weak domestic
demand.
    Analysts warn mounting trade barriers are emerging as
another major obstacle despite strong August exports. "The
question is how long exports can stay strong given the weakening
U.S. economy and the rising trade tension," said Zhang Zhiwei,
chief economist at Pinpoint Asset Management.
    Shares of biotech firm WuXi AppTec Co Ltd  2359.HK  dropped 
8.3% in Hong Kong and 4.7% in mainland  603259.SS  after the
U.S. House of Representatives on Monday passed a bill that aims
to restrict business with several Chinese biotech companies
including Wuxi Apptec on national security grounds.
     
    At the midday break, the Shanghai Composite index  .SSEC 
was down 0.53% at 2,722.01 points. 
 
** China's blue-chip CSI300 index  .CSI300  was down 0.52%, with
its financial sector sub-index  .CSI300FS  0.15% lower, the
consumer staples sector  .CSI000912  down 0.03%, the real estate
index  .CSI000952  down 2.63% and the healthcare sub-index
 .CSI300HC  down 1.34%.
** Chinese H-shares listed in Hong Kong  .HSCE  rose 0.39% to
6,026.18, while the Hang Seng Index  .HSI  was up 0.28% at 
17,244.67. 
** The top gainers among H-shares were Alibaba Group Holding Ltd
 9988.HK , up 4.73%, followed by Li Auto Inc  2015.HK , gaining
3.76% and New Oriental Education & Technology Group Inc
 9901.HK , rising 2.69%.
    
** The smaller Shenzhen index  .SZSC  was down 1.04%, the
start-up board ChiNext Composite index  .CNT  was weaker by
0.88% and Shanghai's tech-focused STAR50 index  .STAR50  was
down 0.8%​.
 
** Around the region, MSCI's Asia ex-Japan stock index
 .MIAPJ0000PUS  was weaker by 0.03% while Japan's Nikkei index
 .N225  was up 0.16%.
 
** The yuan  CNY=CFXS  was quoted at 7.118 per U.S. dollar,
0.05% weaker than the previous close of 7.1142. 


    

 (Reporting by Summer Zhen; Editing by Eileen Soreng)
 ((summer.zhen@thomsonreuters.com; 852-3462-7739;))