China, Hong Kong stocks firm on services data

Published: June 05, 2018 12:11:07 | Updated: June 06, 2018 15:55:55

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China and Hong Kong stocks edged up on Tuesday, after data showed China’s services sector expanded at a steady pace in May.

The CSI300 index rose 0.5 per cent to 3,825.97 points at the end of the morning session, while the Shanghai Composite Index gained 0.2 per cent to 3,098.34 points.

Chinese H-shares listed in Hong Kong fell 0.09 per cent to 12,238.11, while the Hang Seng Index was up 0.16 per cent at 31,046.54, reports Reuters.

On the mainland, gains were led by healthcare firms , with bellwether Jiangsu Hengrui Medicine leaping more than 5.0 per cent to a record high.

Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.01 per cent, while Japan’s Nikkei index was up 0.04 per cent.

The yuan was quoted at 6.4089 per US dollar, 0.1 per cent weaker than the previous close of 6.4027.

The largest percentage gainers on the main Shanghai Composite index were Guodian Nanjing Automation Co Ltd up 10.11 per cent, followed by Kunshan Kersen Science & Technology Co Ltd gaining 10.02 per cent and Guangdong Wencan Die Casting Co Ltd up by 10 per cent.

The largest percentage losers on the Shanghai index were Shangying Global Co Ltd down 10.01 per cent, followed by LONGi Green Energy Technology Co Ltd losing 9.99 per cent and Tongwei Co Ltd down by 9.97 per cent.

About 6.14 billion shares have traded so far on the Shanghai exchange, roughly 45.3 per cent of the market’s 30-day moving average of 13.55 billion shares a day.

The volume traded was 11.46 billion as of the last full trading day.

As of 04:05 GMT, China’s A-shares were trading at a premium of 18.41 per cent over the Hong Kong-listed H-shares.

The Shanghai stock index is below its 50-day and 200-day moving averages.

The price-to-earnings ratio of the Shanghai index was 13.3 as of the last full trading day, while the dividend yield was 2.5 per cent.

So far this week, the market capitalisation of the Shanghai stock index has risen by 0.51 per cent to 31.99 trillion yuan.

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