China stocks set for steepest weekly drop in 28 on policy support concerns
SSEC -0.8 pct, CSI300 -0.8 pct, HSI 0.1 pct
HK->Shanghai Connect daily quota used -0.1 pct, Shanghai->HK daily quota used 0.5 pct
FTSE China A50 -0.7 pct
SHANGHAI, April 26 (Reuters) - China stocks on Friday were on track to post their steepest weekly decline since October 2018, as investors feared the pace of Beijing's supportive measures would drop amid signs of economic stabilization, and over Sino-U.S. trade concerns.
** The CSI300 index .CSI300 dropped 0.8 percent to 3,908.76 points at the end of the morning session, while the Shanghai Composite Index .SSEC lost 0.8 percent to 3,099.36 points.
** For the week, both indexes lost more than 5 percent by midday, poised for their biggest weekly declines since Oct. 12, 2018.
** China's central bank has no intent to tighten or relax monetary policy, a vice governor said on Thursday, as the market debates how much more support Beijing will give the economy after surprisingly resilient data was released last week.
** U.S. President Donald Trump said on Thursday he would soon host Chinese leader Xi Jinping at the White House, setting the stage for a possible agreement on trade between the world's two largest economies.
** "Policy focus of the stock market has switched from proactively stimulating market vitality to curbing relatively heated sentiment, while there are expectations that liquidity would marginally tighten after an RRR cut did not happen as expected," Northeast Securities said in report.
** Further progress in Sino-U.S. talks may be needed to lift the current weak market sentiment, as factors that had helped a robust stock market rally weakened to some extent, the brokerage added.
** In Hong Kong, the Hang Seng index .HSI added 0.1 percent to 29,583.67 points, while the Hong Kong China Enterprises Index .HSCE gained 0.1 percent to 11,511.16 points.
** Around the region, MSCI's Asia ex-Japan stock index .MIAPJ0000PUS fell 0.22 percent, while Japan's Nikkei index .N225 slipped 0.63 percent.
** The yuan CNY=CFXS was quoted at 6.7351 per U.S. dollar, 0.14 percent firmer than the previous close of 6.7448.
** The largest percentage gainers in the main Shanghai Composite index were Guangdong Rongtai Industry Co Ltd 600589.SS, up 10.08 percent, followed by Ningbo Construction Co Ltd 601789.SS, gaining 10.07 percent and Flat Glass Group Co Ltd 601865.SS, up by 10.03 percent.
** The largest percentage losses in the Shanghai index were Dasheng Times Cultural Investment Co Ltd 600892.SS, down 10.02 percent, followed by Yangzhou Yaxing Motor Coach Co Ltd 600213.SS, losing 10.02 percent and Greattown Holdings Ltd 600094.SS, which slipped 10.01 percent.
** So far this year, the Shanghai stock index surged 25.26 percent, while China's H-share index climbed 13.6 percent. Shanghai stocks rose 1.07 percent so far this month.
** The top gainers among H-shares were China National Building Material Co Ltd 3323.HK, up 2.84 percent, followed by Huaneng Power International Inc 0902.HK, gaining 2.23 percent and China Mobile Ltd 0941.HK, up by 1.55 percent.
** The three biggest H-shares percentage decliners were CGN Power Co Ltd 1816.HK, which dropped 2.40 percent, Air China Ltd 0753.HK, which lost 1.9 percent and CNOOC Ltd 0883.HK, down by 1.9 percent.
** About 16.63 billion shares have traded so far on the Shanghai exchange, roughly 45.4 percent of the market's 30-day moving average of 36.60 billion shares a day. The volume traded was 32.59 billion, as of last trading day.
** As of 0416 GMT, China's A-shares were trading at a premium of 25.40 percent over the Hong Kong-listed H-shares.
** The Shanghai stock index is above its 50-day and 200-day moving average.
China stock market graphics suite http://reut.rs/1NfkoGl
(Reporting by Luoyan Liu and John Ruwitch, Editing by Sherry Jacob-Phillips)
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