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China stocks edge up on positive economic data,…

SHANGHAI, July 27 – Chinese shares edged up on Monday after falling sharply in the previous session, as data showed that China’s economic recovery is continuing to build momentum, but gains were capped by rising Sino-U.S. tensions.

** China on Monday said it had taken over the premises of the U.S. consulate in the southwestern city of Chengdu after ordering the facility be shut in retaliation for being ousted from the Chinese consulate in Houston, Texas. ** The announcement that China would force the U.S. consulate to close had battered shares, sending the benchmark Shanghai Composite index 3.9% lower and the blue-chip CSI300 index 4.4% lower on Friday. ** On Monday, the Shanghai Composite index was up 0.09% at 3,199.67 points at midday and the CSI300 index had gained 0.29%. ** Industrial firms’ profits rose for a second straight month in June and at the fastest pace in more than a year, adding to signs that an economic recovery from the coronavirus crisis is gaining momentum, but officials warned of continued uncertainty. ** Chinese H-shares listed in Hong Kong rose 0.31% to 10,111.95, while the Hang Seng Index was down 0.09% at 24,683.66. ** The smaller Shenzhen index was up 0.24% and the start-up board ChiNext Composite index was higher by 0.16%. The index tracking the 50 most representative stocks on Shanghai’s STAR market fell 0.9%. ** The Hang Seng TECH index, which debuted on Monday and tracks the 30 largest technology companies listed in Hong Kong, was down 1.14% at midday. ** Around the region, MSCI’s Asia ex-Japan stock index firmed by 0.80%, while Japan’s Nikkei index was down 0.18%. ** The yuan was quoted at 7.0007 per U.S. dollar, 0.23% firmer than its previous close of 7.017. (Reporting by Andrew Galbraith; Editing by Vinay Dwivedi)

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