Hong Kong stocks rally as trade war worries ease; China up

Zhuzhou CRRC Times Electric

06/03/2018 04:21

* SSEC 0.2 pct, CSI300 0.2 pct, HSI 1.4 pct
    * HK->Shanghai Connect daily quota used 1.1 pct
    * Shanghai->HK daily quota used -1.9 pct
    * FTSE China A50 -0.1 pct, BNY Mellon ADR China Select Index
+0.7
pct

    SHANGHAI, March 6 (Reuters) - Hong Kong shares rallied on
Tuesday morning, tracking gains in other Asian markets, after
U.S. President Donald Trump faced growing pressure from
political allies to pull back from the proposed steel and
aluminium tariffs, easing investor worries about an imminent
trade war.
** Wall Street shares have now recouped all the losses incurred
after Trump unveiled a plan to impose tariffs on steel and
aluminium late on Thursday.
** China stocks held steady by the lunch break, with the
tech-heavy start-up index ChiNextp  .CHINEXTP  extending a
robust rally, as the country plans new share issue option to
bring tech giants home.
** China may allow its offshore-listed tech giants to sell a
form of shares on the mainland, people with knowledge of the
plan said, in a move that would pit Shanghai and Shenzhen
against Hong Kong in the battle to host the country's tech
giants.  urn:newsml:reuters.com:*:nL4N1QN44E 
** "The prospects of unicorns coming to China may stir
enthusiasm toward high-tech stocks," said Yang Hai, strategist
at Kaiyuan Securities.
** "It also fits into the government's desire to improve China's
economic structure. The old economy needs to make way for the
new economy."
 
** At 04:02 GMT, the Shanghai Composite index was up 6.78
points, or 0.21 percent, at 3,263.71.
 
** China's blue-chip CSI300 index  .CSI300  was up 0.24 percent,
with its financial sector sub-index  .CSI300FS  higher by 0.17
percent, the consumer staples sector down 1.59 percent, the real
estate index up 0.52 percent and healthcare sub-index up 1.68
percent.
 
** Chinese H-shares listed in Hong Kong  .HSCE  rose 1.34
percent at 12,152.59, while the Hang Seng Index  .HSI  was up
1.39 percent at 30,300.96. 
 
** The smaller Shenzhen index  .SZSC  was up 0.67 percent and
the start-up board ChiNext Composite index  .CHINEXTP  was
higher by 0.56 percent.
 
** Around the region, MSCI's Asia ex-Japan stock index
 .MIAPJ0000PUS  was firmer by 1.38 percent while Japan's Nikkei
index  .N225  was up 2.11 percent.
 
** The yuan  CNY=CFXS  was quoted at 6.3406 per U.S. dollar,
0.02 percent firmer than the previous close of 6.3419.
 
** The largest percentage gainers in the main Shanghai Composite
index were Founder Technology Group Co Ltd  600601.SS  up 10.14
percent, followed by Far East Smarter Energy Co Ltd  600869.SS 
gaining 10.08 percent and Jiangsu Zongyi Co Ltd  600770.SS  up
by 10.03 percent.
 
** The largest percentage losses in the Shanghai index were
Guangdong Meiyan Jixiang Hydropower Co Ltd  600868.SS  down 5.31
percent, followed by Gansu Ronghua Industry Group Co Ltd
 600311.SS  losing 5.29 percent and Shanghai Baosight Software
Co Ltd  600845.SS  down by 4.78 percent.
 
** So far this year, the Shanghai stock index is down -1.3
percent, while China's H-share index is up 1.3 percent. Shanghai
stocks have gained 0.13 percent this month.
 
** The top gainers among H-shares were CNOOC Ltd  0883.HK  up
4.25 percent, followed by Byd Co Ltd  1211.HK  gaining 4.2
percent and China Galaxy Securities Co Ltd  6881.HK  up by 3.69
percent.
 
** The three biggest H-shares percentage decliners were China
Vanke Co Ltd  2202.HK  which has fallen 0.86 percent, Huaneng
Power International Inc  0902.HK  which has lost 0.8 percent and
Zhuzhou CRRC Times Electric Co Ltd  3898.HK  down 0.6 percent.
 
** About 9.00 billion shares have traded so far on the Shanghai
exchange, roughly 44.3 percent of the market's 30-day moving
average of 20.30 billion shares a day. The volume traded was
14.48 billion as of the last full trading day.
 
** As of 04:02 GMT, China's A-shares were trading at a premium
of 28.71 percent over the Hong Kong-listed H-shares.
 
** The Shanghai stock index is below its 50-day moving average
and below its 200-day moving average.
 
** The price-to-earnings ratio of the Shanghai index was 14.85
as of the last full trading day while the dividend yield was 2
percent.
 
** So far this week, the market capitalisation of the Shanghai
stock index has risen by 0.03 percent to 29.13 trillion yuan.
 
** In Hong Kong, the sub-index of the Hang Seng index tracking
energy shares  .HSCIE  rose 2.8 percent while the IT sector
 .HSCIIT  rose 2.6 percent. The top gainer on Hang Seng was
CNOOC Ltd  0883.HK  up 4.25 percent, while the biggest loser was
China Overseas Land & Investment Ltd  0688.HK  which was down
1.45 percent.

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China stock market graphics suite     http://reut.rs/1NfkoGl
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 (Reporting by Samuel Shen, Luoyan Liu and John Ruwitch; Editing
by Gopakumar Warrier)
 ((samuel.shen@thomsonreuters.com;  +86 21 6104 1789; Reuters
Messaging: samuel.shen.thomsonreuters.com@reuters.net))