China stocks end at 7-month low as tech, property slump outweigh brokerages' gains
Updates to the close
SHANGHAI, Sept 6 (Reuters) -China stocks finished at seven-month lowson Friday, as sharp falls in technology and property shares outweighed gainsin brokerages fuelled by consolidation bets.
** The Shanghai Composite index .SSEC closed down 0.81% at 2,765.81 points, while the blue-chip CSI300 index .CSI300 ended 0.81% lower at 3,231.35 points. Both recorded their lowest closing levels since Feb 5.
** For the week, the SSEC lost 2.69%, while the CSI300 slumped 2.71%.
** China's former central bank governor Yi Gang said the country should focus on fightingdeflationary pressure as the economy struggles to lift off despite a raft of policy support measures.
** The centralbank hinted at more easing on Thursday, but investors interpreted the signal as official recognition of economic weakness.
** On the day, theconsumer staples sector .CSI000912 ended down0.97%, the real estate index .CSI000952 lost 1.45% and the healthcare sub-index .CSI300HC dropped 1.76%.
** Bucking the trend, brokerages jumped after Guotai Junan Securities 601211.SS agreed to acquire rival Haitong Securities 600837.SS, fuelling expectations of further industry consolidations.
* This includes potentialdeals between CICC 601995.SS and China Galaxy Securities 601881.SS, as well as Citic Securities 600030.SS and China Securities 601066.SS, Hua Chuang Securities said in a note.
** CICC's Shanghai-listed shares jumped as much as 8% before finishing up 2.19%.Galaxy Securities soared 10% to hit a two-month high before easing to finish up 4.93%.
** The smaller Shenzhen index .SZSC ended down 1.61% and the start-up board ChiNext Composite index .CNT was weaker by 1.703%.
** Around the region, MSCI's Asia ex-Japan stock index .MIAPJ0000PUS was firmer by 0.31%, while Japan's Nikkei index .N225 closed down 0.72%.
** The Hong Kong market was suspended from trading due to super typhoon Yagi.
Reporting by Shanghai Newsroom; Editing by Rashmi Aich and Savio D'Souza
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