November 23, 2018 / 4:35 AM / 24 days ago

China, Hong Kong stocks fall amid growth concerns, trade talk uncertainty

SHANGHAI, Nov 23 (Reuters) - China and Hong Kong stocks fell on Friday amid worries about economic growth, and uncertainty around Sino-U.S. trade talks.

** The CSI300 index fell 1.4 percent, to 3,168.21 points at the end of the morning session, while the Shanghai Composite Index lost 1.6 percent, to 2,602.30 points.

** In Hong Kong, the Hang Seng index dropped 0.3 percent, to 25,941.20 points, while the Hong Kong China Enterprises Index lost 0.6 percent, to 10,380.85.

** Investors are sceptical that a deal will be struck at the high-stakes meeting between U.S. President Donald Trump and his Chinese counterpart Xi Jinping during the G20 summit in Buenos Aires next week.

** Although Trump said on Thursday that he hoped he can make a deal with China when he meets Xi, the Trump administration shows little sign of backing down on its demands and rhetoric. Meanwhile, China said trade talks between the United States and China should be equal and mutually beneficial.

** Investors are also worried about China’s economic growth. Li Bing, investor advisor at Xiangcai Securities, said: “the economy is in a downcycle. Fresh money doesn’t want to come in, while many agonizing investors in the market want to get out.”

** China’s CSI300 financial sector sub-index was lower by 1.04 percent, the consumer staples sector down 1.17 percent, the real estate index down 2.15 percent and the healthcare sub-index down 1.05 percent. ** Chinese H-shares listed in Hong Kong fell 0.63 percent at 10,380.85, while the Hang Seng Index was down 0.3 percent at 25,941.20. ** The smaller Shenzhen index was down 2.6 percent and the start-up board ChiNext Composite index was weaker by 2.3 percent. ** Around the region, MSCI’s Asia ex-Japan stock index was weaker by 0.13 percent while Japan’s Nikkei index was up 0.65 percent. ** The yuan was quoted at 6.9393 per U.S. dollar, 0.11 percent weaker than the previous close of 6.9314. ** The largest percentage gainers in the main Shanghai Composite index were Sichuan Golden Summit Group Joint Stock Co Ltd , up 10.08 percent, followed by Beihai Gofar Marine Biological Industry Co Ltd, gaining 10.02 percent and Shanghai Belling Corp Ltd, up by 10 percent. ** The largest percentage losses in the Shanghai index were Shanghai Shibei Hi-Tech Co Ltd, down 10.04 percent, followed by Jiangsu Xinri E-Vehicle Co Ltd, losing 10.02 percent and Pengqi Technology Development Co Ltd , down by 9.95 percent.

Reporting by Samuel Shen and John Ruwitch; Editing by Sunil Nair

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