June 18, 2019 / 7:27 AM / a month ago

China stocks edge higher in thin trade ahead of Fed meeting

* SSEC +0.1%, CSI300 +0.4%

* HK->Shanghai Connect daily quota used 2.2%, Shanghai->HK daily quota used 3.9%

* FTSE China A50 +0.4%

SHANGHAI, June 18 (Reuters) - China stocks inched higher on Tuesday in thin trade as market participants exercised caution ahead of the U.S. Federal Reserve’s two-day policy meeting.

** The blue-chip CSI300 index rose 0.4%, to 3,667.62 points, while the Shanghai Composite Index closed up 0.1%, at 2,890.16 points.

** The Fed, facing fresh demands by U.S. President Donald Trump to cut interest rates, begins the meeting later on Tuesday. The central bank is expected to leave borrowing costs unchanged this time but possibly lay the groundwork for a rate cut later this year.

** There is continued improvement in risk appetite as easing in global monetary policies has been confirmed, CITIC Securities analysts said in a report.

** China’s domestic policies have turned relatively loose as Beijing moves to manage expectations and shore up economic growth, the brokerage added.

** China’s securities watchdog has told several large non-bank financial institutions to lend in the interbank market to smaller non-bank firms to help ease any cash shortfalls, sources with direct knowledge of the matter told Reuters on Monday.

** Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.63%, while Japan’s Nikkei index closed down 0.72%.

** At 07:14 GMT, the yuan was quoted at 6.9278 per U.S. dollar, 0.03% weaker than the previous close of 6.9258.

** The biggest percentage gainers in the main Shanghai Composite index were Jilin Expressway Co Ltd, up 10.07%, followed by Hangzhou Electronic Soul Network Technology Co Ltd, gaining 10.02%, and Shenyang Jinbei Automotive Co Ltd, up by 10.02%.

** The top percentage losers in the Shanghai index were Guangdong Hotata Technology Group Co Ltd, down 9.76%, followed by Danhua Chemical Technology Co Ltd , losing 9.46%, and Yuancheng Environment Co Ltd , down by 9.02%.

** So far this year, the Shanghai stock index is up 15.9% and the CSI300 has risen 21.8%, while China’s H-share index listed in Hong Kong is up 3.9%. Shanghai stocks have declined 0.29% this month.

** About 14.77 billion shares were traded on the Shanghai exchange, roughly 68.4% of the market’s 30-day moving average of 21.59 billion shares a day. The volume in the previous trading session was 15.40 billion.

** As of 07:15 GMT, China’s A-shares were trading at a premium of 26.65% over the Hong Kong-listed H-shares. (Reporting by Shanghai Newsroom; Editing by Subhranshu Sahu)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below