China stocks drop as fears of new U.S. tariffs weigh
(Corrects attribution to commerce, not foreign, ministry in
fourth summary point)
* SSEC -0.1 pct, CSI300 -0.1 pct, HSI -0.9 pct
* Comment period on new U.S. tariffs expired at 0400 GMT
* Healthcare sub-index rises as much as 2.7 pct
SHANGHAI, Sept 7 (Reuters) - Stocks in China reversed early
gains to edge lower on Friday, in the last trading session ahead
of a deadline for public comment on fresh U.S. trade tariffs on
$200 billion worth of Chinese goods, though details on the
timing of tariffs remained murky.
** At the midday break, the Shanghai Composite index was
down 3.46 points or 0.13 percent at 2,688.13.
** China's blue-chip CSI300 index slipped 0.14
percent, while its financial sector sub-index
climbed 0.16 percent and the real estate index rose
** The Trump administration is ready to move ahead with a next
round of tariffs on $200 billion worth of Chinese imports after
a public comment period ended at midnight in Washington on
Thursday (0400 GMT Friday), but the timing is uncertain, people
familiar with the administration's plans told Reuters.
** China has warned of retaliation if the United States
introduces new tariffs, a commerce ministry spokesman said on
** Worries over potential new tariffs weighed on markets around
Asia, with MSCI's broadest index of Asia-Pacific shares outside
Japan down 0.66 percent, having earlier reached
its lowest since mid-July last year. Japan's Nikkei index
was down 1.02 percent.
** Healthcare shares were up, with the sub-index of the CSI300
tracking healthcare firms, which rose as much as 2.7
percent before ending the morning session 0.9 percent higher.
** The gains follow heavy selling of healthcare shares in recent
months amid a vaccine scandal that has undermined confidence in
healthcare and consumer firms. The healthcare sub-index is down
24 percent from late-May highs. Consumer firms were
less than 0.1 percent higher on Friday.
** Shares in Juneyao Airlines Co Ltd jumped more
than 7 percent as investors hunt for bargains in airline stocks
after losses in recent months due to a weak yuan and rise in oil
** Chinese H-shares listed in Hong Kong dropped 0.55
percent to 10,520.74 at midday, while the Hang Seng Index
was down 0.86 percent at 26,744.13.
** The smaller Shenzhen index slipped 0.27 percent and
the start-up board ChiNext Composite index fell 0.16
** The yuan was quoted at 6.841 per U.S. dollar, 0.21
percent weaker than the previous close of 6.8267.
** The largest percentage gainers in the main Shanghai Composite
index were Zhejiang Tiancheng Controls Co Ltd, which
rose 10.03 percent, followed by Shanghai Sunglow Packaging
Technology Co Ltd Co Ltd, which gained 10.02 percent
and Qingdao Tianhua Institute of Chemistry Engineering Co Ltd
, which climbed 10.02 percent.
** The largest percentage losses in the Shanghai index were
Nanjing Central Emporium Group Stocks Co Ltd, which
dropped 9.97 percent, followed by Shanghai Baosight Software Co
Ltd, which lost 8.36 percent and Dawning Information
Industry Co Ltd, which fell 7.7 percent.
** So far this year, the Shanghai stock index is down 18.61
percent, while China's H-share index is down 9.7 percent.
Shanghai stocks have declined 1.24 percent this month.
** The top gainers among H-shares were China Shenhua Energy Co
Ltd, which rose 1.75 percent, followed by CRRC Corp
Ltd, which climbed 1.67 percent and GF Securities Co
Ltd, which gained 1.05 percent.
** The three biggest H-shares percentage decliners were China
Gas Holdings Ltd, which fell 3.26 percent, CGN Power
Co Ltd, which lost 1.7 percent and China Galaxy
Securities Co Ltd, which slipped 1.6 percent.
** About 6.24 billion shares have traded so far on the Shanghai
exchange, roughly 51.2 percent of the market's 30-day moving
average of 12.18 billion shares a day. The volume traded was
9.90 billion, as of last full trading day.
** As of 0425 GMT, China's A-shares were trading at a premium of
19.24 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 11.32,
as of the last full trading day, while the dividend yield was
** So far this week, the market capitalisation of the Shanghai
stock index dropped 1.24 percent to 28.66 trillion yuan.
** In Hong Kong, the sub-index of the Hang Seng index tracking
energy shares fell 0.3 percent, while the IT sector
lost 0.8 percent. The top gainer on Hang Seng was
China Mengniu Dairy Co Ltd, which climbed 1.79
percent, while the biggest loser was Galaxy Entertainment Group
Ltd, which fell 4.26 percent.
(Reporting by Andrew Galbraith, Editing by Sherry
First Published: 2018-09-07 06:33:52
Updated 2018-09-07 10:59:42
© 2018 Thomson Reuters. All rights reserved. Reuters content is the intellectual property of Thomson Reuters or its third party content providers. Any copying, republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. Thomson Reuters shall not be liable for any errors or delays in content, or for any actions taken in reliance thereon. "Reuters" and the Reuters Logo are trademarks of Thomson Reuters and its affiliated companies.