China stocks fall ahead of fresh trade talks; Tencent drags Hong Kong index

SHANGHAI, March 22 (Reuters) - China stocks fell on Friday
morning led by financial shares, as the market's rally showed
signs of fatigue ahead of a fresh round of Sino-U.S. talks next
week.
** Hong Kong's benchmark Hang Sang also dipped, dragged
by index benchmark Tencent Holdings following the
company's lacklustre earnings.
** The CSI300 index fell 1.0 percent to 3,798.76
points at the end of the morning session, but the gauge was
still up 1.4 percent on a weekly basis. The Shanghai Composite
index lost 0.8 percent, to 3,077.56 points, and is up
1.8 percent so far this week.
** The Hang Seng index dropped 0.5 percent to 28,913.55
points, while the Hong Kong China Enterprises Index lost
0.9 percent to 11,444.43.
** With hopes for a Sino-U.S. trade deal largely priced in, news
of a new round of trade talks failed to excite the market.
** A U.S. trade delegation headed by Trade Representative Robert
Lighthizer and Treasury Secretary Steven Mnuchin will visit
China on March 28-29 for the next round of negotiations, China's
commerce ministry said on Thursday.
** In Hong Kong, sentiment was soured by a second-day drop in
Tencent. Tencent Holdings signalled it will reduce its
reliance on gaming in China, where a regulatory review and
one-off investment costs led to its sharpest-ever quarterly
profit drop and slowest annual profit growth in 13 years.
** China's CSI300 financial sector sub-index was
lower by 1.38 percent while the healthcare sub-index
fell 0.26 percent.
** The smaller Shenzhen index was down 1.09 percent
while the start-up board ChiNext Composite index was
weaker by 1.89 percent.
** Around the region, MSCI's Asia ex-Japan stock index
was barely changed while Japan's Nikkei index
was down 0.12 percent.
** The yuan was quoted at 6.7036 per U.S. dollar,
0.06 percent weaker than the previous close of 6.6998.


(Reporting by Samuel Shen and John Ruwitch; Editing by Rashmi Aich)

2019-03-22 06:52:03

© 2019 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.