China stocks flat as investors book profits; Hong Kong up

Reuters2021-05-28
  • SSEC 0.0%, CSI300 -0.1%, HSI 0.6%
  • HK->Shanghai Connect daily quota used 1.5%, Shanghai->HK daily quota used 1.1%
  • FTSE China A50 +0.0%

SHANGHAI, May 28 (Reuters) - China's major stock indexes were little changed on Friday as investors took a breather following recent gains, but were set to end the week higher.

The CSI300 index fell 0.1% to 5,333.35 points at the end of the morning session, while the Shanghai Composite Index was unchanged at 3,609.03 points.

There were signs of profit-taking after strong gains in the past sessions. For the week, CSI300 gained 3.9% by midday, while SSEC added 3.5%.

The smaller Shenzhen index was up 0.23%, the start-up board ChiNext Composite index was higher by 1.35% and Shanghai's tech-focused STAR50 index was up 0.23%​.

Investors looked past fresh strains in Sino-U.S. relations after the U.S. Senate on Thursday advanced a sweeping package of legislation intended to boost the country's ability to compete with Chinese technology.

Chinese- and Hong Kong-listed resources firms gained after reports that U.S. President Joe Biden will seek $6 trillion in federal spending for the 2022 fiscal year.

The Hang Seng index added 0.6% to 29,297.18 points, while the Hong Kong China Enterprises Index rose 0.2% to 10,867.78.

JD Logistics Inc soared on debut, giving the Chinese delivery and warehousing firm a $36 billion stock market value and providing a strong start on Friday for what is only the third mega listing in Hong Kong so far this year.

Around the region, MSCI's Asia ex-Japan stock index was firmer by 0.71% while Japan's Nikkei index was up 2.12%.

The yuan was quoted at 6.3686 per U.S. dollar, 0.24% firmer than the previous close of 6.384.

(Reporting by Luoyan Liu and Andrew Galbraith; Editing by Ramakrishnan M.)

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