September 4, 2019 / 4:37 AM / 3 months ago

China stocks firm on upbeat service sector data; Hong Kong gains

* SSEC 0.2%, CSI300 0.1%, HSI 1.2%

* HK->Shanghai Connect daily quota used 5.4%, Shanghai->HK daily quota used 2.3%

* FTSE China A50 +0.3%

SHANGHAI, Sept 4 (Reuters) - China stocks firmed on Wednesday, bucking a global retreat, as the country’s upbeat service sector data outweighed lingering worries over a protracted Sino-U.S. trade war.

** The CSI300 index rose 0.1% to 3,859.14 points at the end of the morning session, while the Shanghai Composite Index gained 0.2% to 2,936.68.

** Activity in China’s services sector expanded at the fastest pace in three months in August as new orders rose, prompting the biggest increase in hiring in over a year, a private survey showed on Wednesday.

** “China’s economy showed clear signs of a recovery in August, especially in the employment sector,” Zhong Zhengsheng, director of Macroeconomic Analysis at CEBM Group, said in a statement alongside the data.

** The data helped offset worries over the year-long trade dispute, which has strained economic growth in China and the United States.

** U.S. President Donald Trump on Tuesday warned he would be “tougher” on Beijing in a second term if trade talks dragged on, compounding market fears that ongoing trade disputes could trigger a U.S. recession.

** Among big economies, China’s economy remains resilient overall, Yan Jinkui, an analyst with Caida Securities.

** Investors shall be optimistic about China’s tech development, which could become a key part of the country’s economic growth, as Beijing has a large number of scientific and technological talents and a huge domestic market, Yan said.

** In Hong Kong, the Hang Seng index added 1.2% to 25,830.19 points, while the Hong Kong China Enterprises Index gained 1.1% to 10,149.22.

** Stocks climbed as investors hunted for bargains after a recent sell-off amid political protests. Gains were led by the property sector, one of the most hard-hit industries, with the Hang Seng properties index rising 2%, by lunch break.

** Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.52%, while Japan’s Nikkei index was down 0.05%.

** The yuan was quoted at 7.1663 per U.S. dollar, 0.17% firmer than the previous close of 7.1788.

** The largest percentage gainers in the main Shanghai Composite index were Ningxia Jiaze Renewables Corp Ltd , which gained 10.07%, followed by Beijing United Information Technology Co Ltd, which rose 10.01% and Wingtech Technology Co Ltd, up by 10%.

** The largest percentage losses in the Shanghai index were Avic Aviation High Technology Co Ltd, which slipped 6.45%, followed by G-bits Network Technology Xiamen Co Ltd , which lost 6.38% and Shandong Pharmaceutical Glass Co Ltd, down by 6.05%.

** The top gainers among H-shares were Haitong Securities Co Ltd, up 5.91%, followed by Huatai Securities Co Ltd , which climbed 4.18% and PICC Property and Casualty Co Ltd, which rose 4.11%.

** The three biggest H-shares percentage decliners were Guangzhou Automobile Group Co Ltd, which dropped 2.35%, Guangdong Investment Ltd, which lost 1.9% and ANTA Sports Products Ltd, down by 1.3%.

** As of 0416 GMT, China’s A-shares were trading at a premium of 29.12% over the Hong Kong-listed H-shares.

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

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