November 8, 2018 / 4:37 AM / 8 days ago

China stocks rise as new data surprises on strong exports, imports

* SSEC 0.6 pct, CSI300 0.7 pct, HSI 1.0 pct

* China October import and export data surprises on upside

* China’s yuan weakens slightly

SHANGHAI, Nov 8 (Reuters) - China stocks posted modest gains on Thursday morning, rebounding from three days of losses, as new data showed surprisingly strong exports and imports in October. ** At the midday break, the Shanghai Composite index was up 16.08 points or 0.61 percent at 2,657.42. ** China’s blue-chip CSI300 index was up 0.68 percent, with its financial sector sub-index higher by 1 percent, the consumer staples sector up 1.12 percent, the real estate index up 1.3 percent and the healthcare sub-index up 1.06 percent. ** Chinese H-shares listed in Hong Kong rose 1.19 percent at 10,768.21, while the Hang Seng Index was up 0.96 percent at 26,398.90. ** The smaller Shenzhen index was up 0.6 percent and the start-up board ChiNext Composite index was higher by 0.46 percent. ** China reported stronger-than-expected exports for October as shippers rushed goods to the United States ahead of higher tariff rates due to kick in at the start of next year. Import growth also came in above expectations, suggesting Beijing’s efforts to cushion the cooling economy may be slowly starting to make themselves felt. ** Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.85 percent while Japan’s Nikkei index was up 1.97 percent. ** The yuan was quoted at 6.9316 per U.S. dollar, 0.15 percent weaker than the previous close of 6.9214. ** The largest percentage gainers in the main Shanghai Composite index were Shanghai Sanmao Enterprise Group Co Ltd, up 10.05 percent, followed by Luxin Venture Capital Group Co Ltd , gaining 10.04 percent and Yongyue Science & Technology Co Ltd, up by 10.04 percent. ** The largest percentage losses in the Shanghai index were Eastern Gold Jade Co Ltd, down 10 percent, followed by China Hainan Rubber Industry Group Co Ltd, losing 9.97 percent and Jiangsu Hongtu High Technology Co Ltd , down by 6.19 percent. ** So far this year, the Shanghai stock index is down 20.13 percent, while China’s H-share index is down 9.1 percent. Shanghai stocks have risen 1.48 percent this month. ** The top gainers among H-shares were Byd Co Ltd, up 4.6 percent, followed by CNOOC Ltd, gaining 3.46 percent and China Gas Holdings Ltd, up by 3.35 percent. ** The three biggest H-shares percentage decliners were CSPC Pharmaceutical Group Ltd, down 1.70 percent, Dongfeng Motor Group Co Ltd, down 1.6 percent and Sinopharm Group Co Ltd, which is 1.2 percent lower. ** About 8.98 billion shares have traded so far on the Shanghai exchange, roughly 58.3 percent of the market’s 30-day moving average of 15.39 billion shares a day. The volume traded was 17.32 billion as of the last full trading day. ** As of 04:15 GMT, China’s A-shares were trading at a premium of 18.01 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 11.07 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 1.31 percent to 28.25 trillion yuan ($4.08 trillion). ** In Hong Kong, the sub-index of the Hang Seng index tracking energy shares rose 2.3 percent while the IT sector rose 1.9 percent. The top gainer on Hang Seng was CNOOC Ltd, up 3.46 percent, while the biggest loser was Sands China Ltd, which was down 2.96 percent. ($1 = 6.9311 Chinese yuan renminbi)

Reporting by Andrew Galbraith; Editing by Amrutha Gayathri

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below