November 7, 2018 / 7:26 AM / 12 days ago

China shares end lower in choppy trade; securities firms weaker

* Shanghai stocks end lower, blue-chip CSI300 index down

* Losses in Shanghai stocks led by Jiangsu Hongtu High Technology

* Securities firms fall as Citic reports drop in net profit

SHANGHAI, Nov 7 (Reuters) - China stocks ended a volatile session lower, with weak earnings and an uncertain economic outlook outweighing government pledges of support for wavering markets. ** At the close, the Shanghai Composite Index was 0.7 percent lower at 2,641.34 points. ** The blue-chip CSI300 index also lost 0.7 percent, with its financial sector sub-index falling 0.89 percent. The consumer staples sector was up 0.03 percent while the real estate index was down 1.08 percent and the healthcare sub-index was down 0.54 percent. ** Citic Securities dropped 2.43 percent after the company reported a 28 percent fall in net profit in October from a month earlier. An index tracking securities firms ended 1.88 percent lower. ** The smaller Shenzhen index ended down 0.43 percent and the start-up board ChiNext Composite index was weaker by 0.248 percent. ** China’s premier said on Tuesday the country will not resort to strong monetary stimulus, but instead it will take targeted policy steps to support private companies and smaller businesses. ** The country’s central bank will step up funding support for private firms including developing an equity financing tool, its chief, Yi Gang, said on Tuesday. ** Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.28 percent while Japan’s Nikkei index closed down 0.28 percent. ** At 07:01 GMT, the yuan was quoted at 6.9322 per U.S. dollar 0.21 percent weaker than the previous close of 6.9177. ** The largest percentage gainers in the main Shanghai Composite index were Shanghai Shibei Hi-Tech Co Ltd, up 10.09 percent, followed by Shenzhen Geoway Co Ltd, gaining 10.09 percent and Zhejiang Golden Eagle Co Ltd, up by 10.08 percent. ** The largest percentage losers in the Shanghai index were Jiangsu Hongtu High Technology Co Ltd down 10.02 percent, followed by Eastern Gold Jade Co Ltd losing 9.96 percent and Jiangsu Zongyi Co Ltd, down by 7.17 percent. ** So far this year, the Shanghai stock index is down 20.1 percent, the CSI300 has fallen 20.1 percent while China’s H-share index listed in Hong Kong is down 9.1 percent. Shanghai stocks have risen 1.48 percent this month. ** About 17.32 billion shares were traded on the Shanghai exchange, roughly 113.9 percent of the market’s 30-day moving average of 15.20 billion shares a day. The volume in the previous trading session was 16.37 billion. ** As of 07:03 GMT, China’s A-shares were trading at a premium of 18.12 percent over the Hong Kong-listed H-shares. ** The Shanghai stock index is below its 50-day and 200-day moving averages. ** The price-to-earnings ratio of the Shanghai index was 11.14 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 has fallen by 0.64 percent to 28.45 trillion yuan.

Reporting by Andrew Galbraith

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