August 7, 2019 / 4:43 AM / 3 months ago

Hong Kong stocks drop as city reels under protests; China flat

* SSEC 0.0%, CSI300 0.0%, HSI -0.4%

* HK->Shanghai Connect daily quota used -1.9%, Shanghai->HK daily quota used 2.6%

* FTSE China A50 -0.2%

SHANGHAI, Aug 7 (Reuters) - Hong Kong stocks dropped on Wednesday, on track for a sixth session of declines, as worries lingered over the island city’s economic health amid weeks of violent protests, while the Sino-U.S. trade tensions continued to unnerve investors.

** The Hang Seng index was down 0.4% at 25,879.14 points, while the Hong Kong China Enterprises Index lost 0.6% to 9,949.36 points.

** Hong Kong is facing its biggest crisis since it returned from British to Chinese rule in 1997, the head of China’s Hong Kong and Macau Affairs office said on Wednesday, as more protests were set to rock the Asian financial hub.

** The island’s economy grew less than expected in the second quarter as trade war and protests bite.

** U.S. President Donald Trump dismissed fears of a protracted trade war with China late Tuesday despite a warning from Beijing that labelling it a currency manipulator would have severe consequences for the global financial order.

** On Monday, U.S. Treasury Secretary Steven Mnuchin said Washington would designate China a currency manipulator, its first such move since 1994, sending both the onshore and offshore yuan to record lows.

** China’s central bank said on Tuesday that Washington’s currency move would “severely damage international financial order and cause chaos in financial markets,” while preventing a global economic recovery.

** On the mainland, stocks were little changed, as investors paused following a recent selloff.

** CSI300 index was unchanged at 3,637.14 points at the end of the morning session, while the Shanghai Composite Index was unchanged at 2,777.36 points.

** Around the region, MSCI’s Asia ex-Japan stock index was weaker by 0.08%, while Japan’s Nikkei index was down 0.43%.

** The yuan was quoted at 7.046 per U.S. dollar, 0.3% weaker than the previous close of 7.025.

** The largest percentage gainers in the main Shanghai Composite index were Datang HuaYin Electric Power Co Ltd , up 10.1%, followed by China Molybdenum Co Ltd , gaining 10.03% and Eastern Communications Co Ltd , up by 10.03%.

** The largest percentage losses in the Shanghai index were CTS International Logistics Corp Ltd, down 10%, followed by Shanghai Lingang Holdings Co Ltd, losing 10% and Shanghai Sunglow Packaging Technology Co Ltd Co Ltd , down by 9.98%.

** The top gainers among H-shares were ENN Energy Holdings Ltd, up 1.42%, followed by Country Garden Holdings Co Ltd, gaining 1.03% and China Vanke Co Ltd, up by 0.92%.

** The three biggest H-shares percentage decliners were Byd Co Ltd, which dropped 4.88%, China Life Insurance Co Ltd, which lost 2.1% and CNOOC Ltd, down by 2.0%.

** About 9.42 billion shares have traded so far on the Shanghai exchange, roughly 56.6% of the market’s 30-day moving average of 16.65 billion shares a day. The volume traded was 23.11 billion, as of last trading day.

** As of 0415 GMT, China’s A-shares were trading at a premium of 30.03% over the Hong Kong-listed H-shares.

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

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