China stocks end lower as consumer shares drag
The blue-chip CSI300 index fell 0.5 per cent to 3,873.10.
SHANGHAI: China stocks closed lower on Thursday weighed down by a slump in top consumer shares, even as investors awaited developments around Sino-US trade talks.
The blue-chip CSI300 index fell 0.5 per cent to 3,873.10, while the Shanghai Composite Index lost 0.3 per cent to 3,005.25.
Consumer firms China International Travel Service Corp Ltd slumped 5.5 per cent, while Guangdong Haid Group Co Ltd dived 6.4 per cent. The CSI300 consumer staples index ended down 1.3 per cent.
"There is a lack of safety margin in those leading consumer firms whose valuations have substantially gone up as Beijing encourages domestic consumption to bolster growth," said Yan Kaiwen, an analyst with China Fortune Securities.
Caution remained as market participants kept an eye on the progress of Sino-US trade talks.
Top representatives from the United States and China are arranging to resume talks next week to try to resolve a year-long trade war between the world's two largest economies, Trump administration officials said on Wednesday.
Around the region, MSCI's Asia ex-Japan stock index was firmer by 0.3 per cent, while Japan's Nikkei index closed up 0.3 per cent.
At 07:17 GMT, the yuan was quoted at 6.8737 per US dollar, 0.11 per cent firmer than the previous close of 6.8815.
The largest percentage gainers in the main Shanghai Composite index were Solareast Holdings Co Ltd, up 10.1 per cent, followed by Hualing Xingma Automobile Group Co Ltd , gaining 10.06 per cent and Zhejiang Tuna Environmental Science & Technology Co Ltd, up by 10.02 per cent.
The largest percentage losers in the Shanghai index were Shandong Huifa Foodstuff Co Ltd down 10.04 per cent, followed by Seazen Holdings Co Ltd losing 10 per cent and TKD Science and Technology Co Ltd down by 9.83 per cent.
So far this year, the Shanghai stock index is up 20.5 per cent and the CSI300 has risen 28.6 per cent, while China's H-share index listed in Hong Kong is up 7.9 per cent. Shanghai stocks have risen 0.89 per cent this month.
As of 07:18 GMT, China's A-shares were trading at a premium of 28.91 per cent to Hong Kong-listed H-shares.
The blue-chip CSI300 index fell 0.5 per cent to 3,873.10, while the Shanghai Composite Index lost 0.3 per cent to 3,005.25.
Consumer firms China International Travel Service Corp Ltd slumped 5.5 per cent, while Guangdong Haid Group Co Ltd dived 6.4 per cent. The CSI300 consumer staples index ended down 1.3 per cent.
"There is a lack of safety margin in those leading consumer firms whose valuations have substantially gone up as Beijing encourages domestic consumption to bolster growth," said Yan Kaiwen, an analyst with China Fortune Securities.
Caution remained as market participants kept an eye on the progress of Sino-US trade talks.
Top representatives from the United States and China are arranging to resume talks next week to try to resolve a year-long trade war between the world's two largest economies, Trump administration officials said on Wednesday.
Around the region, MSCI's Asia ex-Japan stock index was firmer by 0.3 per cent, while Japan's Nikkei index closed up 0.3 per cent.
At 07:17 GMT, the yuan was quoted at 6.8737 per US dollar, 0.11 per cent firmer than the previous close of 6.8815.
The largest percentage gainers in the main Shanghai Composite index were Solareast Holdings Co Ltd, up 10.1 per cent, followed by Hualing Xingma Automobile Group Co Ltd , gaining 10.06 per cent and Zhejiang Tuna Environmental Science & Technology Co Ltd, up by 10.02 per cent.
The largest percentage losers in the Shanghai index were Shandong Huifa Foodstuff Co Ltd down 10.04 per cent, followed by Seazen Holdings Co Ltd losing 10 per cent and TKD Science and Technology Co Ltd down by 9.83 per cent.
So far this year, the Shanghai stock index is up 20.5 per cent and the CSI300 has risen 28.6 per cent, while China's H-share index listed in Hong Kong is up 7.9 per cent. Shanghai stocks have risen 0.89 per cent this month.
As of 07:18 GMT, China's A-shares were trading at a premium of 28.91 per cent to Hong Kong-listed H-shares.