China, Hong Kong stocks rise on stimulus hopes; trade talks in focus
Tuesday, October 08, 2019       13:44 WIB

* SSEC +0.8%, CSI300 +1.1%, HSI +0.7%
* China services sector growth falls to 7-month low - Caixin PMI
* U.S.-China trade deal hopes dim as talks get underway in tense atmosphere
SHANGHAI, Oct 8(Reuters) - China stocks rose on Tuesday as markets re-opened after a week-long holiday, with a dim services sector survey reinforcing hopes Beijing will roll out more stimulus measures.
Traders, though, turned cautious about trade talks following U.S. President Donald Trump's remarks.
The CSI300 index rose 1.1%, to 3,857.23, by the end of the morning session, and the Shanghai Composite Index gained 0.8%, to 2,929.53.
The Hang Seng index added 0.7%, to 25,992.76, while the Hong Kong China Enterprises Index gained 1.0%, to 10,246.76.
China's services sector grew at its slowest pace in seven months in September despite a strong increase in new orders, as operating expenses continued to rise at the end of the third quarter, a private survey showed.
Services account for more than half of China's economy, providing a key buffer as persistent trade tensions with the United States weigh heavily on the country's manufacturing sector.
"We continue to be optimistic about the A-share market in the fourth quarter, as there is still room for policy boost which would further lift risk appetite," Orient Securities said in a report.
Also, certainty has gradually increased that corporate earnings are expected to bottom out in the third quarter, which could provide fundamental support to stocks, the brokerage added.
Robust consumer spending during the "Golden Week" also helped boost sentiment, sending consumer shares higher.
Spending on retail goods and dining during the week-long National Day holidays returned to growth this year, offering unexpected respite to an economy that has been expanding at its weakest pace in almost three decades.
The CSI300 consumer staples index rose 2% by the lunch break, leading gains among major sectors.
Focus is also on the developments in Sino-U.S. trade talks.
Prospects for progress in U.S.-China trade talks dimmed on Monday after Washington blacklisted Chinese companies over Beijing's treatment of predominantly Muslim ethnic minorities, and President Donald Trump said a quick trade deal was unlikely.
Trump and his top economic adviser, Larry Kudlow, spoke in generally upbeat terms about this week's discussions with China, the first such high-level talks in more than two months, but Trump insisted he would not be satisfied with a partial deal.
Around the region, MSCI 's Asia ex-Japan stock index was firmer by 0.62%, while Japan's Nikkei index was up 1.02%.
The yuan was quoted at 7.126 per U.S. dollar, 0.31% firmer than the previous close of 7.148.
The largest percentage gainers in the main Shanghai Composite index were Hunan Fangsheng Pharmaceutical Co Ltd , up 10.03%, followed by Nanjing Huamai Technology Co Ltd, gaining 10.01%, and Zhejiang Jinghua Laser Technology Co Ltd, up by 10.01%.
The biggest percentage losers in the Shanghai index were Shanghai Film Co Ltd, down 10.01%, followed by Shanghai DZH Ltd, losing 9.98%, and COSCO Shipping Energy Transportation Co Ltd, down by 9.97%.
The top gainers among H-shares were CSPC Pharmaceutical Group Ltd, up 5.38%, followed by ANTA Sports Products Ltd, gaining 3.25%, and Geely Automobile Holdings Ltd , up by 2.73%.
The three biggest H-shares percentage decliners were Hengan International Group Company Ltd, which has fallen 0.79%, CRRC Corp Ltd, which has lost 0.7%, and ENN Energy Holdings Ltd, down by 0.7%.
As of 04:17 GMT, China's A-shares were trading at a premium of 29.74% over the Hong Kong-listed H-shares.

Sumber : Reuters

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