China stocks retreat on weaker hopes for stimulus

Want Want China Holdings

23/10/2019 05:41

* SSEC -0.3%, CSI300 -0.4%, HSI -0.9%
    * Property sector drags broader index lower
    * Yuan edges down against dollar

    SHANGHAI, Oct 23 (Reuters) - Chinese shares dipped on
Wednesday with property developers weighing on broad A-share
indexes, as investors' hopes for policy stimulus to overcome a
cooling economy faded.
    
** At the end of the morning session, the CSI300 index  .CSI300 
was down 0.4% at 3,881.18 points, while the Shanghai Composite
index  .SSEC  lost 0.3% to 2,945.36. 
 
** China's blue-chip CSI300 index  .CSI300  was down 0.38%, with
its financial sector sub-index  .CSI300FS  lower by 0.52%. The
consumer staples sector  .CSI000912  was down 0.29%, the real
estate index  .CSI000952  down 1.61% and the healthcare
sub-index  .CSI300HC  down 1.04%.
 
** "There were expectations for some policy stimulus benefiting
the (property) sector but the macro-economic figures, while
missing expectations, are not bad enough to warrant a
significant change in policy," Gerry Alfonso, analyst at Shenwan
Hongyuan Securities, said.
 
** Chinese H-shares listed in Hong Kong  .HSCE  fell 0.8% to
10,442.17, while the Hang Seng index  .HSI  was down 0.94% at
26,535.17.    
 
** Hong Kong shares fell despite an announcement by the city's
government that it would provide HK$2 billion to support the
local economy, with a particular focus on its transport, tourism
and retail sectors.  urn:newsml:reuters.com:*:nL3N27714O
 
** China is drawing up a plan to replace Hong Kong leader Carrie
Lam with an "interim" chief executive, the Financial Times
reported, citing people briefed on the deliberations, which
would bring to a close Lam's rule after months of often violent
pro-democracy protests.  urn:newsml:reuters.com:*:nL5N2777NA
 
** China's Vice Foreign Minister Le Yucheng said on Tuesday that
China and the United States had achieved some progress in their
trade talks.  urn:newsml:reuters.com:*:nL3N2770C9
 
** The smaller Shenzhen index  .SZSC  was down 0.28% and the
start-up board ChiNext Composite index  .CNT  was weaker by
0.26%.
 
** Around the region, MSCI's Asia ex-Japan stock index
 .MIAPJ0000PUS  was weaker by 0.63%, while Japan's Nikkei index
 .N225  was down 0.03%.
 
** The yuan  CNY=CFXS  was quoted at 7.0843 per U.S. dollar,
0.09% weaker than the previous close of 7.0778. 
 
** The largest percentage gainers on the main Shanghai Composite
index were Shandong Homey Aquatic Development Co Ltd
 600467.SS , up 10.13%, followed by Lushang Health Industry
Development Co Ltd  600223.SS , gaining 10.02% and Jiangsu
Nanfang Medical Co Ltd  603880.SS , up by 10.02%.
 
** The largest percentage losses on the Shanghai index were
Guangzhou Kingmed Diagnostics Group Co Ltd  603882.SS , down
8.38%, followed by Getein Biotech Inc  603387.SS , losing 7.57%
and Tonghua Dongbao Pharmaceutical Co Ltd  600867.SS , down by
6.45%.
 
** So far this year, the Shanghai stock index is up 18.46%,
while China's H-share index is up 4.00%. Shanghai stocks have
risen 1.69% this month. 
 
** The top gainers among H-shares were Anhui Conch Cement Co Ltd
 0914.HK , up 1.4%, followed by BYD Co Ltd  1211.HK , gaining
0.66% and ENN Energy Holdings Ltd  2688.HK , up by 0.58%.
 
** The three biggest H-shares percentage decliners were China
Resources Beer Holdings Co Ltd  0291.HK , which has fallen
3.01%, Want Want China Holdings Ltd  0151.HK , which has lost
2.98% and CSPC Pharmaceutical Group Ltd  1093.HK , down by
2.41%.
 
** In Hong Kong, the sub-index of the Hang Seng index tracking
energy shares  .HSCIE  dipped 0.7%, while the IT sector
 .HSCIIT  fell 1.5%. The top gainer on the Hang Seng was
Industrial and Commercial Bank of China Ltd  1398.HK , up 0.37%,
while the biggest loser was AAC Technologies Holdings Inc
 2018.HK , which was down 3.7%.

 (Reporting by Andrew Galbraith; Editing by Shounak Dasgupta)
 ((Andrew.Galbraith@tr.com; +86 21 2083 0079; Reuters Messaging:
andrew.galbraith.thomsonreuters.com@reuters.net ; Twitter: https://twitter.com/apgalbraith))