December 21, 2018 / 7:30 AM / 3 months ago

China blue-chips plumb 33-month low; banks, developers weigh

* Shanghai stocks lower, blue-chip CSI300 index down

* Gains in Shanghai stocks led by Shanghai U9 Game Co Ltd and losses by Dalian Sunasia Tourism Holding Co Ltd

* China’s A-shares are at a 18.35 percent premium over H-shares

SHANGHAI, Dec 21 (Reuters) - China stocks fell on Friday to end the week lower, with the blue-chip index plumbing a 33-month low, amid weakness in the wider global market.

** The blue-chip CSI300 index slid 1.9 percent to hit its lowest since March 2016 before ending down 1.2 percent at 3,029.40 point, while the Shanghai Composite Index declined 0.8 percent to 2,516.25 points.

** For the week, CSI300 was down 4.3 percent, its worst fall since early October, while SSEC lost 3 percent.

** “The recent sluggishness in the A-share market is partly due to the continued sharp corrections in external markets, in particular in the U.S. stock market,” said Zhu Junchun, an analyst with Lianxun Securities.

** Sentiment was also dampened after the United States accused Beijing of orchestrating the hacking of government agencies and companies around the world.

** Main sectors fell across the board, led by sectoral indexes of banks and real estate firms.

** China’s central bank said on Thursday it will strengthen the oversight of the reserves that commercial banks and other lenders are required to deposit to ensure timely and full payment.

** Around the region, MSCI’s Asia ex-Japan stock index was weaker by 0.08 percent, while Japan’s Nikkei index closed down 1.11 percent.

** At 07:11 GMT, the yuan was quoted at 6.8946 per U.S. dollar, 0.16 percent weaker than the previous close of 6.8835.

** The largest percentage gainers in the main Shanghai Composite index were Shanghai U9 Game Co Ltd, up 10.05 percent, followed by China Sports Industry Group Co Ltd , gaining 9.99 percent and Hunan Salt Industry Co Ltd , up by 9.95 percent.

** The largest percentage losses in the Shanghai index were Dalian Sunasia Tourism Holding Co Ltd down 10.01 percent, followed by Guangdong Songfa Ceramics Co Ltd losing 10 percent and Hefei Changqing Machinery Co Ltd down by 9.24 percent.

** So far this year, the Shanghai stock index is down 23.9 percent, the CSI300 has fallen 24.8 percent while China’s H-share index listed in Hong Kong is down 14 percent. Shanghai stocks have declined 2.78 percent this month.

** As of 07:12 GMT, China’s A-shares were trading at a premium of 18.35 percent over the Hong Kong-listed H-shares. (Reporting by Shanghai Newsroom; Editing by Sunil Nair)

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