October 16, 2018 / 4:26 AM / 2 years ago

China, HK stocks slip on soft factory-gate inflation data

* SSEC -0.2 pct, CSI300 -0.1 pct, HSI -0.2 pct

* FTSE China A50 +0.7 pct, BNY Mellon ADR China Select Index -1.5 pct

* China’s cooling factory-gate inflation signals waning demand

SHANGHAI, Oct 16 (Reuters) - China and Hong Kong stocks shed earlier gains to edge lower on Tuesday, after data showed factory-gate inflation had cooled for a third straight month in September amid lean domestic demand, reflecting more pressure on the world’s second-biggest economy.

** The CSI300 index rose as much as 1.3 percent before dipping 0.1 percent to 3,125.04 points at the end of the morning session, while the Shanghai Composite Index climbed 1.2 percent earlier in the trade before losing 0.2 percent to 2,564.24 points.

** The Hang Seng index dropped 0.2 percent to 25,396.19 points, while the Hong Kong China Enterprises Index gained 0.2 percent to 10,168.63 points.

** China’s factory-gate inflation cooled for a third straight month in September amid ebbing domestic demand. Consumer inflation, on the other hand, picked up slightly in September from the previous month, led mainly by higher food prices, official data showed on Tuesday.

** There were also worries over the increasing tension between Saudi Arabia and the West that have fanned geopolitical concerns.

** Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.10 percent, while Japan’s Nikkei index rose 0.32 percent.

** The yuan was quoted at 6.9245 per U.S. dollar, 0.09 percent weaker than the previous close of 6.9185.

** The largest percentage gainers in the main Shanghai Composite index were Guirenniao Co Ltd, which gained 10.09 percent, followed by Shanghai Laimu Electronics Co Ltd , which climbed 10.04 percent and YanTai Yuancheng Gold Co Ltd, which rose 10.02 percent.

** The largest percentage losses in the Shanghai index were Joincare Pharmaceutical Group Industry Co Ltd, which lost 10.05 percent, followed by Kangmei Pharmaceutical Co Ltd , which slipped 10.02 percent and Shanghai Lansheng Corp, which fell 10.01 percent.

** So far this year, the Shanghai stock index plunged 22.35 percent, while China’s H-share index lost 13.4 percent. Shanghai stocks declined 8.98 percent this month. ** The top gainers among H-shares were China Huarong Asset Management Co Ltd, which rose 5.76 percent, followed by China Shenhua Energy Co Ltd, which gained 3.39 percent and Huaneng Power International Inc, which climbed 2.44 percent. ** The three biggest H-shares percentage decliners were China Railway Group Ltd, which fell 4.02 percent, Air China Ltd, which lost 2.7 percent and Tencent Holdings Ltd , which slipped 2.6 percent. ** About 6.28 billion shares have traded so far on the Shanghai exchange, roughly 52.6 percent of the market’s 30-day moving average of 11.94 billion shares a day. The volume traded was 11.86 billion as of the last full trading day. ** As of 0401 GMT, China’s A-shares were trading at a premium of 23.17 percent over the Hong Kong-listed H-shares. ** The Shanghai stock index is below its 50-day moving average and below its 200-day moving average. ** The price-to-earnings ratio of the Shanghai index was 10.98, as of last trading day, while the dividend yield was 2.9 percent.

Reporting by Luoyan Liu and John Ruwitch, Editing by Sherry Jacob-Phillips

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