By Summer Zhen
HONG KONG, May 10 (Reuters) - Chinese stocks extended
declines on Wednesday after a disappointing April trade data,
and as many traders cautiously awaited the latest U.S. inflation
report.
** China's blue-chip CSI 300 Index dropped
0.95%, while the Shanghai Composite Index fell 1.4%.
** Hong Kong's Hang Seng Index lost 0.72%, and the
Hang Seng China Enterprises Index declined 1.01%.
** China's imports contracted sharply in April, while
exports rose at a slower pace, pointing a still-sluggish
recovery in domestic goods demand and sliding external demand,
analysts say.
** A-shares retreated from recent 10-month highs.
** "Investors are taking a wait-and-see approach as import
figures are weak and the global economic outlook faces high
uncertainties," said Linus Yip, chief strategist at First
Shanghai Securities. He expects Hong Kong shares to remain a
range bound trade in the second quarter.
** Asian stocks were struggling to advance ahead of U.S.
consumer price data that could damage hopes for interest rate
cuts later this year if inflation fails to show much of a
decline. April U.S. consumer price data is due at 1230 GMT.
** China securities suffered $3.8 billion of outflows during
April, as the positive effect of the economy's reopening faded
away, according to a report by Institute of International
Finance.
** Banking sector corrected a further 3.2% to
lead the decline. Real estate companies also
dropped 1.9%.
** Hong Kong-listed tech giants slid 0.53%.
(Reporting by Summer Zhen; Editing by Varun H K)
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