July 9, 2018 / 2:02 AM / 9 months ago

Chinese stocks, yuan bounce in early trade

SHANGHAI, July 9 (Reuters) - Chinese stocks and the yuan rose on Monday morning as financial markets settled in after Washington and Beijing last week escalated trade tensions by imposing major tariffs on each others’ goods.

By 0153 GMT, the Shanghai Composite Index, which tracks all shares trade on the Shanghai stock exchange, was up 1.3 percent in early trade, while the blue-chip tracking CSI300 Index rose 1.5 percent.

In a social media post late on Sunday, the Shanghai Stock Exchange exhorted investors to buy. The market has tumbled about 17 percent since the start of the year.

“Currently, the general level of valuations of Shanghai-listed companies is relatively low, presenting obvious value investment opportunities,” it said.

“Indeed, several Shanghai-listed companies have disclosed plans for buy-backs for stake increases by shareholders, showing that the companies and shareholders are adamantly confident of listed companies’ operations, profitability and growth prospects.”

The yuan was trading at 6.6270 per dollar at 0153 GMT, up from its late close on Friday of 6.6489 yuan, after the dollar weakened. (Reporting by John Ruwitch, Samuel Shen, Winni Zhou and Liu Luoyan; Editing by Sam Holmes)

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