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Author: Tan KW   |   Latest post: Mon, 11 Nov 2019, 8:22 PM


China stocks drop on Brexit worries, trade deal caution

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SHANGHAI: China stocks ended lower on Wednesday, as caution prevailed ahead of yet another make-or-break parliamentary vote on Brexit, while investors awaited more news on the progress of Sino-U.S. trade negotiations.
The blue-chip CSI300 index fell 0.8 percent, to 3,724.19 points, while the Shanghai Composite Index closed down 1.1 percent at 3,026.95 points.
Risk appetites had soured after British lawmakers crushed Prime Minister Theresa May’s European Union divorce deal, forcing the parliament to decide within days whether to back a no-deal Brexit or seek a last-minute delay.
The United States and China may be in the final weeks of discussions to hammer out a deal to ease their tit-for-tat tariffs dispute, U.S. Trade Representative Robert Lighthizer said on Tuesday.
Signs that industrial capital is exiting equities after the rebound also weighed on the market.
Major shareholders and top managers at leading firms announced a raft of stake-cut plans recently, including those of telecommunications giant ZTE and Wens Foodstuff Group Co Ltd.
Shares of Wens Foodstuff, the biggest start-up in terms of market value, tumbled the maximum allowed 10 percent, sending the tech-heavy start-up board ChiNextP sharply lower.
The start-up index lost 4.5 percent for the day, its worst in five months.
Around the region, MSCI’s Asia ex-Japan stock index was weaker by 0.38 percent, while Japan’s Nikkei index closed down 0.99 percent.
At 07:03 GMT, the yuan was quoted at 6.7097 per U.S. dollar, compared with the previous close of 6.7098.
The largest percentage gainers on the main Shanghai Composite index were Hubei Chutian Smart Communication Co Ltd , up 10.13 percent, followed by Zhejiang Hugeleaf Co Ltd, gaining 10.12 percent, and Shanghai Fudan Forward S&T Co Ltd, up by 10.06 percent.
The largest percentage losers on the Shanghai index were Zhejiang Daily Digital Culture Group Co Ltd, down 10.03 percent, followed by Inspur Software Co Ltd, losing 10.01 percent, and Fujian Apex Software Co Ltd , down by 10 percent.
So far this year, the Shanghai stock index is up 21.4 percent and the CSI300 has risen 23.7 percent, while China’s H-share index listed in Hong Kong is up 12.6 percent. Shanghai stocks have risen 2.92 percent this month.
About 45.32 billion shares were traded on the Shanghai exchange, roughly 144.7 percent of the market’s 30-day moving average of 31.31 billion shares a day. The volume in the previous trading session was 51.12 billion.
As of 07:04 GMT, China’s A-shares were trading at a premium of 22.39 percent over the Hong Kong-listed H-shares.
 - Reuters 
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