January 8, 2018 / 4:43 AM / 12 days ago

Property developers power China stocks to 6-week highs; Hong Kong flat

SHANGHAI, Jan 8 (Reuters) - China’s main share indexes rose on Monday morning and were on track to climb for a seventh straight session, boosted by robust gains for real estate firms as major developers reported stellar 2017 sales. The indexes were at their highest in six weeks.

** At 04:08 GMT, the Shanghai Composite index was up 11.71 points or 0.35 percent at 3,403.46. ** China’s blue-chip CSI300 index was up 0.49 percent, with its financial sector sub-index higher by 0.56 percent, the consumer staples sector up 1.63 percent, the real estate index up 4.77 percent and healthcare sub-index down 0.01 percent . ** Chinese H-shares listed in Hong Kong fell 0.14 percent at 12,194.77, while the Hang Seng Index was down 0.04 percent at 30,801.06. ** The smaller Shenzhen index was unchanged for the day and the start-up board ChiNext Composite index was weaker by 0.26 percent. ** Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.27 percent. ** The yuan was quoted at 6.4873 per U.S. dollar, 0.02 percent firmer than the previous close of 6.4887. ** The largest percentage gainers in the main Shanghai Composite index were Zhejiang XinAn Chemical Industrial Group Co Ltd up 10.04 percent, followed by Anhui Leimingkehua Co Ltd gaining 9.98 percent and Easysight Supply Chain Management Co Ltd by 9.94 percent. ** The largest percentage losses in the Shanghai index were Cultural Investment Holdings Co Ltd down 10.01 percent, followed by Guangzhou Baiyunshan Pharmaceutical Holdings Co Ltd losing 6.94 percent and Wenyi Suntech Co Ltd down by 5.17 percent. ** So far this year, the Shanghai stock index is up 2.56 percent, while China’s H-share index is up 4.3 percent. ** The top gainers among H-shares were Air China Ltd up 9 percent, followed by Huatai Securities Co Ltd gaining 5.47 percent and China Shenhua Energy Co Ltd up by 4.65 percent. ** The three biggest H-shares percentage decliners were Zhuzhou CRRC Times Electric Co Ltd which has fallen 2.54 percent, New China Life Insurance Co Ltd which has lost 2.2 percent and CRRC Corp Ltd down by 2.2 percent. ** About 13.78 billion shares have traded so far on the Shanghai exchange, roughly 90.2 percent of the market’s 30-day moving average of 15.27 billion shares a day. The volume traded was 21.31 billion as of the last full trading day. ** As of 04:08 GMT, China’s A-shares were trading at a premium of 27.90 percent over the Hong Kong-listed H-shares. ** The Shanghai stock index is above its 50-day moving average and above its 200-day moving average. ** In Hong Kong, the sub-index of the Hang Seng index tracking energy shares rose 0.5 percent while the IT sector rose 0.6 percent. The top gainer on Hang Seng was Country Garden Holdings Company Ltd up 7.03 percent, while the biggest loser was Sunny Optical Technology Group Co Ltd which was down 2.62 percent.

Reporting by Samuel Shen and John Ruwitch; Editing by Richard Borsuk

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