July 29, 2020 / 4:42 AM / 7 days ago

China stocks gain on bargain-buying after slump

* SSEC 1.1%, CSI300 1.4%, HSI 0.1%

* HK->Shanghai Connect daily quota used 3.3%, Shanghai->HK daily quota used 3.7%

* FTSE China A50 +0.8%

SHANGHAI, July 29 (Reuters) - China shares gained on Wednesday with a sector-wide rebound as investors bought up shares after recent slumps, but analysts said the resurgence of cases of the novel coronavirus cast uncertainty on the upward momentum. ** At the midday break, the Shanghai Composite index was up 1.05% at 3,261.76. ** China's blue-chip CSI300 index was up 1.39%, with its financial sector sub-index higher by 1.41%, the consumer staples sector down 0.58%, the real estate index up 0.13% and the healthcare sub-index up 2.94%. ** Chinese H-shares listed in Hong Kong rose 0.25% to 10,177.56 and the Hang Seng Index was up 0.1% at 24,798.53. ** The smaller Shenzhen index was up 1.64% and the start-up board ChiNext Composite index gained 2.41%. ** "It's a technical rebound following the big correction last week," said Ren Chengde, an analyst with Galaxy Securities. "By sectors, the share performance is mixed, as many investors are taking the wait-and-see mode in front of returned coronavirus cases and the economic impact it would bring." ** China reported 101 new COVID-19 cases in the mainland for July 28, the highest in over three-and-a-half months, with many of the new infections coming from the far western region of Xinjiang. ** The benchmark index slumped by nearly 4% last Friday, as investors fretted over an escalation in tensions between Beijing and Washington after China ordered the U.S. to close its consulate in Chengdu in a tit-for-tat response. ** Around the region, the MSCI's Asia ex-Japan stock index was firmer by 0.09%, while Japan's Nikkei index was down 1.02%. ** The yuan was quoted at 7.0026 per U.S. dollar, 0.01% weaker than the previous close of 7.002.

Reporting by Cheng Leng and Andrew Galbraith; editing by Uttaresh.V

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