May 18, 2018 / 7:31 AM / a year ago

China stocks end higher amid hopes for positive outcome in trade talks

* Shanghai stocks close higher, blue-chip CSI300 index up Gains in Shanghai stocks led by Offshore Oil Engineering Co Ltd and losses by Aurora Optoelectronics Co Ltd China’s A-shares are at a 21.73 percent premium over H-shares

SHANGHAI, May 18 (Reuters) - China stocks closed higher on Friday amid hopes that Beijing and Washington will reach a deal in the latest round of trade negotiations.

** The blue-chip CSI300 index ended 1 percent higher at 3,903.06, while the Shanghai Composite Index closed 1.2 percent higher to 3,193.30 points. For the week, SSEC rose nearly 1 percent, while CSI300 was up 0.8 percent.

** China has offered U.S. President Donald Trump a package of proposed purchases of American goods and other measures aimed at reducing the U.S. trade deficit with China by some $200 billion a year.

** Meanwhile, China dropped its anti-dumping probe into imports of U.S. sorghum on Friday, a move seen as a goodwill concession as Chinese Vice Premier Liu He was in Washington for trade talks. ** The CSI300 financial sector sub-index ended higher by 1.35 percent, the consumer staples sector closed up 0.99 percent, the real estate index ended 1.08 percent higher and healthcare sub-index ended higher by 0.99 percent. ** The smaller Shenzhen index ended up 0.33 percent and the start-up board ChiNext Composite index was higher by 0.3 percent. ** Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.23 percent, while Japan’s Nikkei index closed up 0.4 percent. ** At 0714 GMT, the yuan was quoted at 6.3712 per U.S. dollar, 0.11 percent weaker than previous close of 6.3645. ** The largest percentage gainers in the main Shanghai Composite index were Offshore Oil Engineering Co Ltd up 10.08 percent, followed by China Petroleum Engineering Corp gaining 10.02 percent and Wuxi Acryl Technology Co Ltd up by 10.01 percent. ** The largest percentage losses in the Shanghai index were Aurora Optoelectronics Co Ltd down 9.56 percent, followed by Xin Jiang Ready Health Industry Co Ltd losing 9.44 percent and Qian Jiang Water Resources Development Co Ltd down by 7.58 percent. ** About 13.65 billion shares were traded on the Shanghai exchange, roughly 96.1 percent of the market’s 30-day moving average of 14.21 billion shares a day. The volume in the previous trading session was 11.40 billion. ** As of 0715 GMT, China’s A-shares were trading at a premium of 21.73 percent over the Hong Kong-listed H-shares. ** The Shanghai stock index is above its 50-day moving average and below its 200-day moving average. ** The price-to-earnings ratio of the Shanghai index was 13.56, as of the last full trading day, while the dividend yield was 2.3 percent. (Reporting by Shanghai Newsroom, Editing by Sherry Jacob-Phillips)

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