China stocks flat; Hong Kong drops on EV stock losses

Reuters07-24

By Summer Zhen

HONG KONG, July 24 (Reuters) - Chinese stocks struggled for direction on Wednesday as market turned to risk-off mode amid weak economic data and U.S. election risks.

The Shanghai Composite index slipped to below the key 2,900 level in morning trade but ended the midday up 0.1% at 2,918.27 points.

Hong Kong stocks dipped, dragged down by electric vehicle makers following disappointing second quarter results from Tesla

. NIO and XPENG fell 3.9% and 4.9% respectively.

** By midday, China's blue-chip CSI300 index was down 0.1%, with its financial sector sub-index lower by 0.21%, the consumer staples sector down 0.37%, the real estate index down 1.48% and the healthcare sub-index down 0.09%.

** Chinese H-shares listed in Hong Kong fell 0.51% to 6,163.37, while the Hang Seng Index was down 0.62% at 17,361.12.

** The smaller Shenzhen index was down 0.22%, the start-up board ChiNext Composite index was weaker by 0.18% and Shanghai's tech-focused STAR50 index was down 0.06%.

** Around the region, MSCI's Asia ex-Japan stock index

was weaker by 0.29% while Japan's Nikkei index

was down 1.11%.

** The yuan was quoted at 7.2756 per U.S. dollar, 0.01% weaker than the previous close of 7.2747.

(Reporting by Summer Zhen; Editing by Janane Venkatraman )

((summer.zhen@thomsonreuters.com; 852-3462-7739;))

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