China shares hit 31-month closing low on trade worries

* SSEC down 0.2 pct to lowest close since Jan. 2016

* SSEC touches lowest intraday level since Feb. 2016

* Blue-chips down 0.2 percent

SHANGHAI, Sept 11 (Reuters) - China's Shanghai Composite index shed early gains to end at its weakest close in 31 months on Tuesday as investors took a cautious stance awaiting developments in international trade disputes.

** At the close, the Shanghai Composite index was down
4.69 points or 0.2 percent at 2,669.48. It was the lowest close
for the index since Jan 28, 2016. Earlier in the session, the
index hit an intraday low of 2,652.70, its lowest level since
Feb. 29, 2016.
** The blue-chip CSI300 index was down 0.18 percent, with its
financial sector sub-index ending 0.59 percent
lower, the consumer staples sector ended up 0.51 percent, the
real estate index closed down 0.92 percent and healthcare
sub-index ended 0.55 percent firmer.
** The smaller Shenzhen index ended up 0.17 percent and
the start-up board ChiNext Composite index was
higher by 0.31 percent.
** Some suppliers of Apple Inc extended losses after
U.S. President Donald Trump tweeted that the tech giant should
make products in the United States if it wanted to avoid tariffs
on Chinese imports.
** Among Apple suppliers, Shenzhen Sunway Communication Co Ltd
ended 2.1 percent lower and Suzhou Dongshan
Precision Manufacturing Co Ltd closed 3.6 percent
down, but Luxshare Precision Co Ltd bounced 0.9
percent after a 10-percent plunge on Monday.

** Around the region, MSCI's Asia ex-Japan stock index
was weaker by 0.11 percent, while Japan's Nikkei
index closed up 1.3 percent.
** At 0709 GMT, the yuan was quoted at 6.8607 per
U.S. dollar, 0.07 percent weaker than previous close of 6.8557.
** The largest percentage gainers in the main Shanghai Composite
index were Jiangsu New Energy Development Co Ltd,
which ended 10 percent firmer, followed by SEC Electric
Machinery Co Ltd, which closed up 10 percent and
ZhongTongGuoMai Communication Co Ltd, which ended up
10 percent.
** The largest percentage losses in the Shanghai index were
Nanjing Central Emporium Group Stocks Co Ltd, which
closed down 10.08 percent, followed by Maanshan Iron & Steel Co
Ltd, which ended 10.05 percent lower and Shandong
Hualu Hengsheng Chemical Co Ltd, which closed 10.01
percent weaker.
** So far this year, the Shanghai stock index is down 19.4
percent, the CSI300 fell 20 percent while, China's H-share index
listed in Hong Kong is down 11.5 percent. Shanghai stocks have
declined 2.22 percent this month.
** About 9.99 billion shares were traded on the Shanghai
exchange, roughly 84 percent of the market's 30-day moving
average of 11.89 billion shares a day. The volume in the
previous trading session was 10.36 billion.
** As of 0710 GMT, China's A-shares were trading at a
premium of 20.83 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 11.25
as of the last full trading day, while the dividend yield was
2.8 percent.
** So far this week, the market capitalisation of the Shanghai
stock index dropped 1.19 percent to 28.43 trillion yuan.
(Reporting by Andrew Galbraith, Editing by Sherry

2018-09-11 09:42:08

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