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China and Hong Kong stocks firmed up on Monday, tracking other Asian markets, as investors awaited developments on planned Sino-US trade talks and the Chinese yuan moved away from recent lows.
The CSI300 index was up 0.2 per cent at 3,236.16 at the end of the morning session, while the Shanghai Composite Index gained 0.1 per cent to 2,671.93. The Hang Seng index added 0.9 per cent to 27,457.66, while the Hong Kong China Enterprises Index gained 0.8 per cent to 10,594.28.
The yuan reached its highest in a week at 6.8512 per dollar as Beijing acted to prevent a test of the psychologically important 7.0000 level.
Investors also cheered news that China and the United States will hold lower-level trade talks this month, offering hope that they might resolve an escalating tariff war. Reports suggested that the talks in Washington would take place on August 21 and 22, just before $16 billion in new US tariffs on Chinese goods take effect.
Around the region, MSCI's Asia ex-Japan stock index was firmer by 0.68 percent, while Japan's Nikkei index was down 0.23 per cent. The yuan was quoted at 6.8478 per US dollar, 0.56 per cent firmer than the previous close of 6.8865.
The largest percentage gainers on the main Shanghai Composite index were China Sports Industry Group Co Ltd, up 10.04 per cent, followed by Shanghai Shibei Hi-Tech Co Ltd , gaining 10.04 per cent, and Yibin Paper Industry Co Ltd, up by 10.02 per cent.
The largest percentage losers on the Shanghai index were Gansu Gangtai Holding Group Co Ltd, down 10.01 per cent, followed by Hylink Digital Solution Co Ltd, losing 10.01 per cent, and Sichuan Swellfun Co Ltd, down by 10.01 per cent.
The top gainers among H-shares were Air China Ltd, up 4.51 per cent, followed by Byd Co Ltd, gaining 4.38 per cent, and Anhui Conch Cement Co Ltd, up by 4.08 per cent. The three biggest H-shares percentage decliners were Postal Savings Bank of China Co Ltd, which has fallen 3.13 per cent, CRRC Corp Ltd, which has lost 3.1 per cent, and PICC Property and Casualty Co Ltd, down by 2.1 per cent.
About 6.22 billion shares have traded so far on the Shanghai exchange, roughly 45.3 per cent of the market's 30-day moving average of 13.73 billion shares a day.
As of 04:27 GMT, China's A-shares were trading at a premium of 17.25 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.
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