September 14, 2018 / 4:40 AM / 7 months ago

China shares stall amid uncertainty over trade talks

* SSEC -0.1 pct, CSI300 flat, HSI +0.8 pct

* State paper says China won’t ‘surrender’ to US trade demands

* Automakers lead H-share gains in Hong Kong

SHANGHAI, Sept 14 (Reuters) - China’s stock markets wavered between gains and losses on Friday, as uncertainty over plans for renewed trade talks between the U.S. and China continued, and as investors mulled new economic data. ** At the midday break, the Shanghai Composite index was down 3.55 points or 0.13 percent at 2,683.03, after earlier rising 0.2 percent. ** China’s blue-chip CSI300 index was up 0.03 percent, with its financial sector sub-index higher by 0.24 percent, the consumer staples sector up 0.63 percent, the real estate index down 0.16 percent and the healthcare sub-index down 0.82 percent. ** China reported better-than-expected industrial output and retail sales on Friday, but a key investment gauge fell to a fresh low, highlighting the challenges facing Beijing as it tries to support the economy in the face of rising U.S. tariffs. ** The current world trade system is not perfect and China supports reforms to it, including to the World Trade Organisation, to make it fairer and more effective, Beijing’s top diplomat said. ** China will not buckle to U.S. demands in any trade negotiations, the major state-run China Daily newspaper said in an editorial on Friday, after Chinese officials welcomed an invitation from Washington for a new round of talks. ** Chinese H-shares listed in Hong Kong rose 0.51 percent to 10,556.34, while the Hang Seng Index was up 0.81 percent at 27,232.54. ** The smaller Shenzhen index was down 0.47 percent and the start-up board ChiNext Composite index was weaker by 0.86 percent. ** Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.98 percent while Japan’s Nikkei index was up 0.93 percent. ** The yuan was quoted at 6.8538 per U.S. dollar, 0.26 percent weaker than the previous close of 6.8363. ** The largest percentage gainers in the main Shanghai Composite index were Veken Technology Co Ltd, up 10.07 percent, followed by Changchun Gas Co Ltd, gaining 9.98 percent and Zhejiang XCC Group Co Ltd, up by 9.98 percent. ** The largest percentage losses in the Shanghai index were Delixi Xinjiang Transportation Co Ltd, down 10.01 percent, followed by YanTai Yuancheng Gold Co Ltd, losing 10.01 percent and Shanghai Huide Science & Technology Co Ltd, down by 9.54 percent. ** So far this year, the Shanghai stock index is down 18.77 percent, while China’s H-share index is down 10.3 percent. Shanghai stocks have declined 1.42 percent this month. ** The top gainers among H-shares were Byd Co Ltd, up 6.17 percent, followed by Guangzhou Automobile Group Co Ltd , gaining 4.69 percent and Dongfeng Motor Group Co Ltd , up by 4.5 percent. ** The three biggest H-shares percentage decliners were CNOOC Ltd, which has fallen 1.09 percent, China Petroleum & Chemical Corp, which has lost 1.0 percent and PICC Property and Casualty Co Ltd, down by 0.8 percent. ** About 5.71 billion shares have traded so far on the Shanghai exchange, roughly 50.1 percent of the market’s 30-day moving average of 11.40 billion shares a day. The volume traded was 10.73 billion as of the last full trading day. ** As of 04:20 GMT, China’s A-shares were trading at a premium of 20.03 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 11.3 as of the last full trading day, while the dividend yield was 2.8 percent. ** So far this week, the market capitalisation of the Shanghai stock index has fallen by -0.53 percent to 28.62 trillion yuan. ** In Hong Kong, the sub-index of the Hang Seng index tracking energy shares dipped 0.4 percent while the IT sector rose 1.7 percent. The top gainer on Hang Seng was CSPC Pharmaceutical Group Ltd, up 4.03 percent, while the biggest loser was CNOOC Ltd, which was down 1.09 percent. ** CNOOC shares fell after the company evacuated staff from its South China Sea operations and shut down oil and gas production in the area as two typhoons approach China.

Reporting by Andrew Galbraith; Editing by Sunil Nair

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