China stocks slip amid US political uncertainty

An investor watches stock prices at a brokerage office in Beijing, China July 6, 2018. — Reuters pic
An investor watches stock prices at a brokerage office in Beijing, July 6, 2018. — Reuters pic

SHANGHAI, Dec 26 — China stocks slipped today amid caution over persisting US political uncertainties as a federal government shutdown and President Donald Trump’s hostile stance towards the Federal Reserve unnerved investors.

The CSI300 index fell 0.2 per cent, to 3,012.57 points at the end of the morning session, while the Shanghai Composite Index was unchanged at 2,504.33 points.

Most sectors were little changed by midday.

US President Donald Trump yesterday expressed confidence in Treasury Secretary Steven Mnuchin amid worries over a weakening economy and a slump, but repeated his criticism of the US Federal Reserve, saying it has raised interest rates too quickly.

stocks barely moved, after a government agency responsible for financial stability said it is seeking to help commercial banks replenish capital via various channels.

The yuan was quoted at 6.8899 per , 0.05 per cent weaker than the previous close of 6.8863.

The largest percentage gainers in the main Shanghai Composite index were Changshu Fengfan Power Equipment Co Ltd, up 10.14 per cent, followed by Guodian Nanjing Automation Co Ltd gaining 10.08 per cent, and Holsin Engineering Consulting Group Co Ltd, up by 10.02 per cent.

The largest percentage losses in the Shanghai index were Changyuan Group Ltd, down 10.06 per cent, followed by Centre International Group Co Ltd losing 5.15 per cent, and Zhejiang Dafeng Industrial Co Ltd, down by 5.11 per cent.

So far this year, the Shanghai stock index is down 24.26 per cent, while China’s H- is down 14.1 per cent. Shanghai stocks have declined 3.22 per cent this month.

About 5.42 billion shares have traded so far on the Shanghai exchange, roughly 35.5 per cent of the market’s 30-day moving average of 15.24 billion shares a day. The volume traded was 14.07 billion as of the last full trading day.

As of 03.41 GMT, China’s A-shares were trading at a premium of 17.49 per cent over the Hong Kong-listed H-shares.

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

The price-to-earnings ratio of the Shanghai index was 10.5 as of the last full trading day, while the was 3 per cent. — Reuters

Source: The Malay Mail Online

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