China stocks slip on tariffs, e-commerce warning
Updates to close
SINGAPORE, Aug 27 (Reuters) -Chinese stock markets fell on Tuesday, with Canadian tariffs weighing on shares of electric vehicle and steel makers and downbeat comments about domestic demand dragging on e-commerce shares, while financials steadied Hong Kong's market.
** The Shanghai Composite index .SSEC closed 0.24% lower at 2,848.73. ** China's blue-chip CSI300 index .CSI300 fell 0.57%, with the consumer staples sector .CSI000912 down 0.83%.
** The smaller Shenzhen index .SZSC ended down 1.26% and the start-up board ChiNext Composite index .CNT was weaker by 0.943%. ** The Hang Seng index .HSI closed up 75.94 points or 0.43% at 17,874.67. The financial sector .HSNF ended 1.15% higher and the property sector rose 0.84%.
** PDD Holdings PDD.O suffered a $55 billion wipeout overnight, after missing market estimates on revenue and warning of changing consumer demand and an uncertain environment.
** Alibaba 9988.HK, down 4%, and JD.Com 9618.HK, down 3.7%, were the two biggest losers in the Hong Kong benchmark index. Trip.com 9961.HK, up 9%, was the top gainer after posting a rise in profit.
** Canada, following the lead of the U.S. and European Union, said it would impose a 100% tariff on imports of Chinese electric vehicles and 25% on steel and aluminium.
** An index tracking China's EV-related stocks .CSI930997 fell 1.2%. Automaker Great Wall 601633.SS fell 0.6%, though BYD 1211.HK and Li Auto 2015.HK pared early losses. The CSI Steel Index .CSI930606 fell 1%.
** Around the region, MSCI's Asia ex-Japan stock index .MIAPJ0000PUS was weaker by 0.34%, while Japan's Nikkei index .N225 closed up 0.47%. ** The yuan CNY=CFXS was quoted at 7.1316 per U.S. dollar, 0.14% weaker than the previous close of 7.1218. ** So far this year, the Shanghai stock index is down 4.2% and the CSI300 has fallen 3.7%. The Hang Seng .HSI is up 4.4%.
** About 23.07 billion shares were traded on the Shanghai exchange, roughly 83% of the market's 30-day moving average of 27.67 billion shares a day. The volume in the previous trading session was 22.74 billion.
** About 2.70 billion Hang Seng index shares were traded, 116% of the market's 30-day moving average of 2.32 billion shares a day.
Reporting by Tom Westbrook; Editing by Rashmi Aich and Mrigank Dhaniwala
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