China stocks extend losses amid renewed trade concerns

Zhuzhou CRRC Times Electric

24/05/2018 08:15

* Shanghai stocks lower, blue-chip CSI300 index down
    * Gains in Shanghai stocks led by Hainan Haiqi
Transportation
Group Co Ltd and losses by Shanghai Baosight Software Co Ltd
    * China's A-shares are at a 20.41 percent premium over
H-shares

    SHANGHAI, May 24 (Reuters) - China stocks extended losses on
Thursday, after falling the most in a month in the previous
session, as caution prevailed amid renewed concerns over
China-U.S. trade tensions.
    
** The blue-chip CSI300 index  .CSI300  closed down 0.7 percent
at 3,827.22 points, while the Shanghai Composite Index  .SSEC 
ended 0.5 percent lower at 3,154.65 points.       
** U.S. President Donald Trump signalled a new direction in
U.S.-China trade talks and said any deal would need "a different
structure," fuelling uncertainty over current negotiations.
 urn:newsml:reuters.com:*:nL2N1SU0H3 
** Adding to investor worries, the Trump administration has
launched a national security investigation into car and truck
imports that could lead to new U.S. tariffs similar to those
imposed on imported steel and aluminium in March.  urn:newsml:reuters.com:*:nL2N1SU0PP 
** "China opposes the abuse of national security clauses, which
will seriously damage multi-lateral trade systems and disrupt
normal international trade order," Gao Feng, spokesman at the
Ministry of Commerce, said at a regular news briefing on
Thursday, which focused largely on whether Beijing and
Washington are making progress in their trade dispute.
** Market reaction to German Chancellor Angela Merkel's visit to
China was largely muted. Chinese premier Li Keqiang, in a joint
media appearance with Merkel at Beijing's Great Hall of the
People, said China and Germany both upheld global free trade,
and stressed the huge potential for cooperation between them.
 urn:newsml:reuters.com:*:nL3N1SV2C5     
** Most sectors lost ground for the day, led by consumer
 .CSI300CS  and industry firms  .CSI300IN .      
** Bucking the broad trend, dairy producers gained as Beijing
plans more measures to boost dairy industry, with Lanzhou
Zhuangyuan Pasture  002910.SZ  up 10 percent in Shenzhen.
 urn:newsml:reuters.com:*:nL3N1SV1CQ  
 
** Around the region, MSCI's Asia ex-Japan stock index
 .MIAPJ0000PUS  was firmer by 0.16 percent, while Japan's Nikkei
index  .N225  closed down 1.11 percent .
 
** At 0704 GMT, the yuan  CNY=CFXS  was quoted at 6.3885 per
U.S. dollar, percent weaker than the previous close of 6.3883. 
 
** The largest percentage gainers in the main Shanghai Composite
index were Hainan Haiqi Transportation Group Co Ltd  603069.SS 
up 10.02 percent, followed by Zhejiang Tieliu Clutch Co Ltd
 603926.SS  gaining 10.02 percent and Shanghai Tianyong
Engineering Co Ltd  603895.SS  up by 10.01 percent.
 
** The largest percentage losses in the Shanghai index were
Shanghai Baosight Software Co Ltd  600845.SS  down 6.91 percent,
followed by TVZone Media Co Ltd  603721.SS  losing 6.17 percent
and Wuxi Hongsheng Heat Exchanger Manufacturing Co Ltd
 603090.SS  down by 5.92 percent.
 
** So far this year, the Shanghai stock index is down 4.6
percent, the CSI300 has fallen 5 percent while China's H-share
index listed in Hong Kong is up 3.5 percent. Shanghai stocks
have risen 2.36 percent this month. 
 
** As of 0705 GMT, China's A-shares were trading at a premium of
20.41 percent over the Hong Kong-listed H-shares.

 (Reporting by Shanghai Newsroom, Editing by Sherry
Jacob-Phillips)
 ((luoyan.liu@thomsonreuters.com; Reuters Messaging:
luoyan.liu.thomsonreuters.com@reuters.net))