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China stocks end week higher, bolstered by consumer gains

Fri 16th August, 2019 8:39am
* SSEC 0.3%, CSI300 0.5%
    * HK->Shanghai Connect daily quota used -0.2%, Shanghai->HK
daily
quota used 8.4%
    * FTSE China A50 +0.3%

    SHANGHAI, Aug 16 (Reuters) - China stocks closed up on
Friday to end the week higher, aided by gains for consumer
firms, as Beijing moves to boost consumption further to tackle
slowing economic growth. 
    ** The blue-chip CSI300 index  .CSI300  rose 0.5%, to
3,710.54, while the Shanghai Composite index  .SSEC  rose 0.3%
to 2,823.82.
    ** For the week, CSI300 was up 2.1%, while SSEC gained 1.8%.
 
    ** China's state planner said on Friday it will roll out a
plan to boost disposable income this year and in 2020 to spur
consumption as the economy slows, but it gave few details.
 urn:newsml:reuters.com:*:nP8N1YN01S 
    ** Leading a rise in the market, the CSI300 consumer staples
index  .CSI000912  rose 1.3% on Friday. 
    ** The strong gains also followed a raft of solid earnings
reports by leading brands, including Tsingtao Brewery  0168.HK 
 600600.SS  and Foshan Haitian Flavouring  603288.SS .
 urn:newsml:reuters.com:*:nL4N25C0OZ  urn:newsml:reuters.com:*:nP8N25201E  
    ** However, analysts expressed caution given various
uncertainties at this moment. 
    ** The A-share market could continue to be range-bound until
any signs of strong positive signals, amid global recession
fears and lingering Sino-U.S. trade tensions, Shanxi Securities
said in a report. 
    ** U.S. President Donald Trump said on Thursday that U.S.
and Chinese negotiators were holding "productive" trade talks
and expected them to meet in September despite U.S. tariffs on
over $125 billion worth of Chinese imports taking effect Sept.
1.  urn:newsml:reuters.com:*:nL4N25B2NR 
    ** Nonetheless, China on Thursday vowed to counter the
latest U.S. tariffs on $300 billion of Chinese goods but called
on the United States to meet it halfway on a potential trade
deal.   
    ** Around the region, MSCI's Asia ex-Japan stock index
 .MIAPJ0000PUS  was firmer by 0.38%, while Japan's Nikkei index
 .N225  closed up 0.06%.
    ** At 07:15 GMT, the yuan  CNY=CFXS  was quoted at 7.045 per
U.S. dollar, 0.17% weaker than the previous close of 7.0333. 
    ** The biggest percentage gainers in the main Shanghai
Composite index were DuZhe Publishing & Media Co Ltd  603999.SS 
up 10.06%, followed by ZheJiang JiHua Group Co Ltd  603980.SS 
gaining 10.05% and HPGC Renmintongtai Pharmaceutical Corp
 600829.SS  up by 10.03%.
    ** The biggest percentage losers in the Shanghai index were
Junhe Pumps Holding Co Ltd  603617.SS  down 10.02%, followed by
Grace Fabric Technology Co Ltd  603256.SS  losing 7.94% and
Olympic Circuit Technology Co Ltd  603920.SS  down by 5.34%.
    ** As of 07:16 GMT, China's A-shares were trading at a
premium of 30.67% over the Hong Kong-listed H-shares.

 (Reporting by Shanghai Newsroom; Editing by Shounak Dasgupta)
 ((luoyan.liu@thomsonreuters.com; Reuters Messaging:
luoyan.liu.thomsonreuters.com@reuters.net))
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