August 14, 2018 / 3:50 AM / a year ago

China shares lower as data shows weak fixed-asset investment growth

* SSEC -0.5 pct, CSI300 -0.7 pct, HSI -1 pct

* China fixed-asset investment growth slower than expected

* Property investment growth accelerates; property sub-index falls

SHANGHAI, Aug 14 (Reuters) - China’s stock markets fell on Tuesday as new data showed further signs of cooling in the world’s second-largest economy, with fixed-asset investment growth at its slowest pace since at least 1996.

** At the midday break, the Shanghai Composite index was down 14.07 points, or 0.5 percent, at 2,771.81. ** China’s blue-chip CSI300 index was down 0.74 percent, with its financial sector sub-index lower by 0.84 percent, the consumer staples sector up 0.05 percent and the healthcare sub-index down 0.51 percent. ** Fixed-asset investment growth was slower than expected at 5.5 percent in January-July, highlighting weakening domestic demand and faltering business confidence as the U.S. trade war adds to domestic pressures from Beijing’s crackdown on debt and pollution.

** China’s property investment growth accelerated to its quickest pace in nearly two years in July, driven by faster transactions and stronger developer appetite for land as funding conditions improved.

** The strong property numbers failed to help the sub-index of the CSI300 index tracking real estate firms, which fell 2.38 percent.

** China’s aluminium production in July rose 12 percent to match a record high, on output from new smelters. ** Chinese H-shares listed in Hong Kong fell 0.72 percent to 10,689.32, while the Hang Seng Index was down 0.95 percent at 27,671.16. ** The smaller Shenzhen index was down 0.65 percent and the start-up board ChiNext Composite index was weaker by 1.06 percent. ** Around the region, MSCI’s Asia ex-Japan stock index was weaker by 0.27 percent while Japan’s Nikkei index was up 1.28 percent.

** The yuan was quoted at 6.8879 per dollar, 0.03 percent firmer than the previous close of 6.89, despite the central bank setting the mid-point of the yuan’s daily trading band at 6.8695 per dollar, its weakest level since May 26, 2017.

** The largest percentage gainers in the main Shanghai Composite index were Hunan Corun New Energy Co Ltd up 10.04 percent, followed by Nancal Technology Co Ltd gaining 10.02 percent and Qibu Corp Ltd up by 10.01 percent.

** The largest percentage losses in the Shanghai index were HNA Infrastructure Investment Group Co Ltd down 9.96 percent, followed by Shenma Industry Co Ltd losing 6.86 percent and Anhui Wanjiang Logistics Group Co Ltd down by 5.34 percent.

** So far this year, the Shanghai stock index is down -15.76 percent, while China’s H-share index is down 8.1 percent. Shanghai stocks have declined 3.15 percent this month.

** The top gainers among H-shares were Guangdong Investment Ltd up 2.14 percent, followed by CITIC Ltd gaining 1.66 percent and Anhui Conch Cement Co Ltd up by 1.64 percent.

** The three biggest H-shares percentage decliners were Tencent Holdings Ltd which has fallen 3.66 percent, CSPC Pharmaceutical Group Ltd which has lost 2.9 percent and China Resources Land Ltd down by 2.9 percent.

** About 6.56 billion shares have traded so far on the Shanghai exchange, roughly 47.0 percent of the market’s 30-day moving average of 13.97 billion shares a day. The volume traded was 12.75 billion as of the last full trading day.

** As of 03:30 GMT, China’s A-shares were trading at a premium of 16.87 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 12.15 as of the last full trading day while the dividend yield was 2.7 percent.

** So far this week, the market capitalisation of the Shanghai stock index has fallen by 0.32 percent to 29.59 trillion yuan.

** In Hong Kong, the sub-index of the Hang Seng index tracking energy shares dipped 0.2 percent while the IT sector fell 3.6 percent. The top gainer on Hang Seng was CLP Holdings Ltd up 2.05 percent, while the biggest loser was Sunny Optical Technology Group Co Ltd which was down 23.62 percent.

Reporting by Andrew Galbraith; Editing by Gopakumar Warrier

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