November 13, 2019 / 7:50 AM / 24 days ago

Shanghai stocks end at 6-week low on mixed trade signals, HK unrest

SHANGHAI, Nov 13 (Reuters) - Shanghai stocks on Wednesday hit their lowest close in more than six weeks amid mixed signals over the extent of progress made in the U.S.-China trade talks, while an escalation of violence in Hong Kong rattled sentiment.

** The blue-chip CSI300 index closed 0.1% lower at 3,899.98, while the Shanghai Composite Index ended down 0.3% at 2,905.24 points, its lowest close since Sept. 30.

** U.S. President Donald Trump said that a trade deal was “close” but gave no new details on when or where an agreement would be signed, disappointing investors in what was billed as a major speech on his administration’s economic policies.

** Amid increasing pressure on the world’s second-largest economy, Chinese Premier Li Keqiang said China should use counter-cyclical adjustment measures more effectively, and will improve the use of local government special bonds and strengthen support for the economy.

** Rising political chaos in Hong Kong curbed risk appetite further as anti-government protesters paralysed parts of the Asian financial hub for a third day, Chinese state media condemned the violence, with the China Daily newspaper stating that young protesters were revelling in a “hormone-fuelled rebellion”.

** Around the region, MSCI’s Asia ex-Japan stock index was weaker by 1.08%, while Japan’s Nikkei index closed down 0.85%.

** At 0720 GMT, the yuan was quoted at 7.017 per U.S. dollar, 0.14% weaker than the previous close of 7.0073.

** So far this year, the Shanghai stock index is up 16.5% and the CSI300 rose 29.5%, while China’s H-share index listed in Hong Kong was up 3.6%. Shanghai stocks dropped 0.81% so far this month.

** About 12.98 billion shares were traded on the Shanghai exchange, roughly 86.7% of the market’s 30-day moving average of 14.96 billion shares a day. The volume in the previous trading session was 12.97 billion.

** As of 0721 GMT, China’s A-shares were trading at a premium of 29.60% over the Hong Kong-listed H-shares. (Reporting by Shanghai Newsroom, Editing by Sherry Jacob-Phillips)

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