October 25, 2019 / 4:35 AM / a month ago

Shanghai shares flat as market waits for trade, policy cues

* SSEC unchanged, CSI300 +0.1%, HSI -0.4%, HSCE -0.6%

* China’s leaders convene next week for key policy meeting

* U.S. VP Pence slams Beijing influence before new trade talks

HONG KONG, Oct 25(Reuters) - Stocks in Shanghai were flat on Friday ahead of fresh U.S.-China trade negotiations and a key leadership meeting in Beijing, wrapping up a week of trading within a tight range.

** At the midday break, the Shanghai Composite index was pretty much unchanged at 2,940.61 points. The blue-chip CSI300 index was up almost 0.1%. ** CSI300’s financial sector sub-index fell 0.4%, the consumer staples sector rose 1.4%, the real estate index was up 0.2% and the healthcare sub-index gained 1.2%. ** Chinese H-shares listed in Hong Kong fell 0.6%, while the Hang Seng index was down 0.4% at 26,678.92. ** The smaller Shenzhen index rose 0.3% and the start-up board ChiNext Composite index was higher by 0.5%. ** China’s ruling Communist Party will hold a key meeting of its senior leadership next week after an unusually long delay since the last one, state media said on Thursday, as the country grapples with issues ranging from a slowing economy to unrest in Hong Kong. ** U.S. Vice President Mike Pence on Thursday accused China of curtailing “rights and liberties” in Hong Kong and blasted U.S. company Nike and the National Basketball Association for falling in line with Beijing in a disagreement over free speech. ** A fresh round of talks between Treasury Secretary Steven Mnuchin and Chinese officials to try to end the bruising trade dispute is set for Friday. The S&P 500 U.S. stock index briefly moved lower after Pence’s comments. ** Morgan Stanley’s indicators showed sentiment dampened this week in the A-share market. ** This was “driven mainly by the ongoing uncertainty associated with the (third quarter) earnings season, and importantly, market chatter around the relaxation of rules currently limiting major shareholder stake reductions,” the bank’s analysts said in a note on Friday. ** The Shanghai index was up, week-on-week, less than 0.1% as of midday. ** Around the region, MSCI’s Asia ex-Japan stock index and Japan’s Nikkei index were flat. ** The biggest percentage losers in the Shanghai index were Shanghai Baosight Software Co Ltd, down 9.8%, followed by Zhejiang CFMoto Power Co Ltd, losing 9.7% and Shanghai AtHub Co Ltd, down 8.7%. ** 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 0.8% while the IT sector gained 0.4%. (Reporting by Noah Sin; Editing by Shounak Dasgupta)

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