September 26, 2018 / 4:37 AM / 8 months ago

China stocks rise as MSCI eyes A-share weight increase; Hang Seng up

* SSEC 1.3 pct, CSI300 1.6 pct, HSI 1.6 pct

* MSCI says will consider boosting weighting of China A-shares in indexes

* Haidilao soars on Hong Kong debut

SHANGHAI, Sept 26 (Reuters) - China stocks rose on Wednesday on hopes that global index provider MSCI would consider quadrupling the weighting of Chinese big-caps in its global benchmarks, pushing U.S.-China trade war concerns to the backburner for now.

** At the midday break, the Shanghai Composite index was up 35.29 points or 1.27 percent at 2,816.43. ** China’s blue-chip CSI300 index was up 1.58 percent, with its financial sector sub-index higher by 1.7 percent, the consumer staples sector rose 3.91 percent, the real estate index climbed 0.8 percent and the healthcare sub-index gained 1.74 percent. ** Global index provider MSCI said it will consider quadrupling the weighting of Chinese big-caps in its global benchmarks and also proposed adding mid-caps and shares listed on Shenzhen’s start-up board ChiNext. ** Chinese H-shares listed in Hong Kong rose 2.25 percent to 11,071.53, while the Hang Seng Index gained 1.64 percent to 27,950.71. ** The smaller Shenzhen index rose 0.75 percent and the start-up board ChiNext Composite index was higher by 0.75 percent. ** Around the region, MSCI’s Asia ex-Japan stock index rose 0.51 percent, while Japan’s Nikkei index climbed 0.20 percent. ** The yuan was quoted at 6.8703 per U.S. dollar, 0.14 percent weaker than the previous close of 6.861. ** The largest percentage gainers in the main Shanghai Composite index were Guanghui Logistics Co Ltd, which rose 10.07 percent, followed by Jiangyin Hengrun Heavy Industries Co Ltd, which gained 10.03 percent and Jiangsu Hengshun Vinegar-Industry Co Ltd, which climbed 10.01 percent. ** Top Chinese steelmaker China Baowu Steel Group is in talks to take over rival Magang Group, three sources familiar with the discussions said, a deal that would help entrench the nation’s position as a serious competitor in global steel markets. ** Baoshan Iron & Steel 600019.SS, Baowu’s listed unit, is up 2.2 percent, and Maanshan Iron & Steel Co Ltd, Magang’s listed unit, gained 2.3 percent. ** Shares in Huatai Securities Co Ltd are 2.2 percent higher at midday after the company said Tuesday it plans to list in London, potentially becoming the first Chinese company to sell shares under the long-awaited Shanghai-London Stock Connect. ** The largest percentage losses in the Shanghai index were HNA Technology Co Ltd, down 9.98 percent, followed by A-Zenith Home Furnishings Co Ltd, losing 9.96 percent and HNA Technology Co Ltd, down by 9.93 percent. ** So far this year, the Shanghai stock index is down 15.91 percent, while China’s H-share index is down 7.5 percent. Shanghai stocks rose 2.05 percent this month. ** The top gainers among H-shares were PetroChina Co Ltd , up 5.02 percent, followed by CSPC Pharmaceutical Group Ltd, gaining 4.2 percent and China Pacific Insurance Group Co Ltd, up by 4.15 percent. ** The three biggest H-shares percentage decliners were Dongfeng Motor Group Co Ltd, which has fallen 2.09 percent, Great Wall Motor Co Ltd, which has lost 1.5 percent and Guangzhou Automobile Group Co Ltd, down by 0.4 percent. ** About 7.84 billion shares have traded so far on the Shanghai exchange, roughly 71.4 percent of the market’s 30-day moving average of 10.98 billion shares a day. The volume traded was 11.20 billion as of the last full trading day. ** As of 04:16 GMT, China’s A-shares were trading at a premium of 19.48 percent over the Hong Kong-listed H-shares. ** The Shanghai stock index is above its 50-day moving average and below its 200-day moving average. ** The price-to-earnings ratio of the Shanghai index was 11.76 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 0.56 percent to 29.66 trillion yuan. ** In Hong Kong, the sub-index of the Hang Seng index tracking energy shares rose 3.5 percent, while the IT sector gained 1 percent. The top gainer on Hang Seng was PetroChina Co Ltd, up 5.02 percent, while the biggest loser was Country Garden Holdings Co Ltd, which was down 1.11 percent. ** Chinese hotpot chain Haidilao’s shares jumped as much as 10 percent on debut in Hong Kong on Wednesday, giving it a valuation of about $13 billion and becoming the second major listing in a week to make a strong start in the financial hub. ** However, shares of asphalt tanker chartering services provider Xin Yuan Enterprises Group Ltd dived as much as 22.7 percent in their trading debut. They were down 10.7 percent at HK$1.34 at midday.

Reporting by Andrew Galbraith, Editing by Sherry Jacob-Phillips

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