China, HK stocks fall amid slowdown concerns, Sino-U.S. trade jitters

Techtronic Industries Co

28/11/2019 04:52

SHANGHAI, Nov 28 (Reuters) - China and Hong Kong stocks
dropped on Thursday as U.S. legislation's decision to back
anti-government protesters in Hong Kong dampened investor
sentiment amid lingering concerns over trade negotiations and
Beijing's economic health.
    
** The CSI300 index  .CSI300  was down 0.2% at 3,867.62 points
at the end of the morning session, while the Shanghai Composite
Index  .SSEC  lost 0.3% to 2,894.33 points.
   
** The Hang Seng index  .HSI  dropped 0.1% to 26,939.47 points,
while the Hong Kong China Enterprises Index  .HSCE  lost 0.3% to
10,591.52.   
   
** China warned the United States on Thursday that it would take
"firm counter measures" after U.S. President Donald Trump on
Wednesday signed into law congressional legislation, which
supported the Hong Kong protesters. It brings fresh uncertainty
to the trade talks aimed at scaling down the damaging tariff
war.
  
** Investors are also worried about China's economic slowdown.
China should lower its economic growth target to around 6% for
2020 and step up stimulus as the trade war has exacerbated a
protracted slowdown, government advisers said ahead of a key
leadership meeting on the economy.  urn:newsml:reuters.com:*:nL4N2872HV

** Premier Li Keqiang was quoted as saying during a Cabinet
meeting on Wednesday that China will speed up reforms to help
build a market-based, globalised business environment and break
investment barriers for all kinds of companies.
   
** China has also brought forward 1 trillion yuan ($142.07
billion) of the 2020 local government special bonds quota to
this year as it seeks to avert a sharper economic slowdown.
   
** Expectations of further stimulus in the infrastructure space
supported shares of construction stocks, but steel makers
dropped on profit-taking. 
  
** China's CSI300 financial sector sub-index  .CSI300FS  was
lower by 0.3%, the consumer staples sector  .CSI000912  down
0.27%, the real estate index  .CSI000952  lost 0.85% and the
healthcare sub-index  .CSI300HC  dipped 0.08%.
 
** Chinese H-shares listed in Hong Kong  .HSCE  fell 0.27% at
10,591.52, while the Hang Seng Index  .HSI  was down 0.05% at
26,939.47. 
 
** The smaller Shenzhen index  .SZSC  was unchanged for the day
and the start-up board ChiNext Composite index  .CNT  was higher
by 0.28%.
 
** Around the region, MSCI's Asia ex-Japan stock index
 .MIAPJ0000PUS  was weaker by 0.13%, while Japan's Nikkei index
 .N225  was down 0.05%.
 
** The yuan  CNY=CFXS  was quoted at 7.0277 per U.S. dollar, %
firmer than the previous close of 7.0279. 
 
** The largest percentage gainers in the main Shanghai Composite
index were Silvery Dragon Prestressed Materials Co Ltd Tianjin
 603969.SS , up 10.1%, followed by Xinjiang Talimu Agriculture
Development Co Ltd  600359.SS , gaining 10.07% and Qingdao
Topscomm Communication Inc  603421.SS , which gained 10.03%.
 
** The largest percentage losses in the Shanghai index were
TVZone Media Co Ltd  603721.SS , down 10.01%, followed by
Shanghai La Chapelle Fashion Co Ltd  603157.SS , losing 10% and
Changzhou Langbo Sealing Technologies Co Ltd  603655.SS , which
lost 9.97%.

 (Reporting by Samuel Shen and John Ruwitch, Editing by Sherry
Jacob-Phillips)
 ((Samuel.shen@tr.com))