China shares fall as trade concerns break bull run

Wharf Real Estate Investment

25/06/2019 05:53

* SSEC -1.8%, CSI300 -2.1%, HSI -1.3%
    * Shanghai Composite down after 6 days of gains
    * Banking shares fall 2.8% on economic worries

    SHANGHAI, June 25 (Reuters) - China stocks fell on Tuesday
after a long streak of gains as worries mounted that the United
States and China would make little headway in trade talks this
week, while economic concerns hit banking shares.

** At the midday break, the Shanghai Composite index  .SSEC  was
down 1.82% at 2,953.38 points. It was on track to snap six
straight sessions of gains, its longest since February 2018. The
Shanghai Composite rose more than 4% last week.
 
** China's blue-chip CSI300 index  .CSI300  was down 2.1%, with
its financial sector sub-index  .CSI300FS  lower by 2.72%, the
consumer staples sector  .CSI000912  down 1.81%, the real estate
index  .CSI000952  down 1.76% and the healthcare sub-index
 .CSI300HC  down 1.43%.
 
** Chinese H-shares listed in Hong Kong  .HSCE  fell 2.14% at
10,718.1, while the Hang Seng Index  .HSI  was down 1.31% at
28,140.48. 
 
** The declines followed a senior U.S. official saying that U.S.
President Donald Trump is "comfortable with any outcome" from
his expected meeting with Chinese President Xi Jinping at the
upcoming Group of 20 summit in Japan this week, hitting hopes of
progress in talks to end the bruising trade war.  urn:newsml:reuters.com:*:nL2N23V1M2
 
** Chinese banking stocks fell as more lending to small firms,
vulnerable to an economic slowdown, raised concerns of strains
on the balance sheets of lenders. An index tracking Chinese
banks  .CSI000947  fell 2.81%. China's central bank said on
Monday that more loans had been extended to small firms in the
first five months of 2019.  urn:newsml:reuters.com:*:nL4N23W0RV urn:newsml:reuters.com:*:nB9N22W01N
 
** Banks also came under pressure after a report that Shanghai
Pudong Development Bank (SPDB) Co Ltd  600000.SS  may lose
access to the U.S. financial system after a U.S. judge found the
bank in contempt for refusing to comply with subpoenas in a
North Korea sanctions violation investigation.  urn:newsml:reuters.com:*:nL4N23W11I SPDB
fell 3.24%.
 
** The smaller Shenzhen index  .SZSC  was down 2.04% and the
start-up board ChiNext Composite index  .CNT  was weaker by
2.11%.
 
** Around the region, MSCI's Asia ex-Japan stock index
 .MIAPJ0000PUS  was weaker by 0.57%, while Japan's Nikkei index
 .N225  was down 0.64%.
 
** The yuan  CNY=CFXS  was quoted at 6.8823 per U.S. dollar,
0.09% weaker than the previous close of 6.8761. 
 
** The largest percentage gainers in the main Shanghai Composite
index were Chifeng Jilong Gold Mining Co Ltd  600988.SS , up
10.05%, followed by TKD Science and Technology Co Ltd
 603738.SS , gaining 10.02%, and First Tractor Co Ltd
 601038.SS , up by 10.01%.
 
** The largest percentage losers in the Shanghai index were KPC
Pharmaceuticals Inc  600422.SS , down 10.02%, followed by
Hangzhou Electronic Soul Network Technology Co Ltd  603258.SS ,
losing 10%, and Holsin Engineering Consulting Group Co Ltd
 603909.SS , down by 9.98%.
 
** So far this year, the Shanghai stock index is up 20.62%,
while China's H-share index is up 8.2%. Shanghai stocks have
risen 3.78% this month. 
 
** The top gainers among H-shares were ANTA Sports Products Ltd
 2020.HK , up 0.55%, followed by Longfor Group Holdings Ltd
 0960.HK , gaining 0.51%, and Dongfeng Motor Group Co Ltd
 0489.HK , up by 0.33%.
 
** The three biggest H-shares percentage decliners were China
Merchants Bank Co Ltd  3968.HK , which has fallen 8.99%, Bank of
Communications Co Ltd  3328.HK , which has lost 4.0%, and Huatai
Securities Co Ltd  6886.HK , down by 3.8%.
 
** In Hong Kong, the sub-index of the Hang Seng index tracking
energy shares  .HSCIE  dipped 1%, while the IT sector  .HSCIIT 
fell 1.7%. The top gainer on the Hang Seng was Wharf Real Estate
Investment Company Ltd  1997.HK , up 1.26%, while the biggest
loser was Bank of Communications Co Ltd  3328.HK , which was
down 4.03%.

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China stock market graphics suite     http://reut.rs/1NfkoGl
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 (Reporting by Andrew Galbraith; Editing by Subhranshu Sahu)
 ((Andrew.Galbraith@tr.com; +86 21 2083 0079; Reuters Messaging:
andrew.galbraith.thomsonreuters.com@reuters.net ; Twitter: https://twitter.com/apgalbraith))