April 4, 2019 / 7:36 AM / 2 months ago

CORRECTED-China stocks close at over 1-year high on trade hopes, policy stimulus

(Corrects the weekly gain of SSEC index to 5.0 pct, not 5.6 pct)

* SSEC +0.9 pct, CSI300 +1.0 pct

* China to cut more fees and service charges on July 1

* White House’s Kudlow says trade talks progress, could extend

SHANGHAI, April 4 (Reuters) - China stocks ended at an over one-year high on Thursday, with the blue-chip index rising for a fourth straight week as investors cheered progress in trade talks and Beijing’s policy stimulus to bolster growth.

Chinese markets will be closed on Friday for a holiday.

** The blue-chip CSI300 index rose 1.0 percent, to 4,062.23 points, while the Shanghai Composite Index climbed 0.9 percent to 3,246.57 points.

** For the four-session week, SSEC was up 5.0 percent, while CSI300 gained 4.9 percent.

** China will cut government-related fees and service charges to reduce costs for companies and individuals from July 1, state media said on Wednesday, part of a wider pledge to pare trillions in taxes and fees this year.

** Hopes for a trade deal between the world’s top two economies continued to bolster sentiment.

** Trade talks between the United States and China made “good headway” last week in Beijing and the two sides aim to bridge differences during talks that could extend beyond three days this week, White House economic adviser Larry Kudlow said.

** Most sectors rallied, led by transport firms , as major airlines surged on Beijing’s pledge to cut burdens for the civil aviation industry.

** Around the region, MSCI’s Asia ex-Japan stock index was weaker by 0.37 percent, while Japan’s Nikkei index closed up 0.05 percent.

** At 0715 GMT, the yuan was quoted at 6.715 per U.S. dollar, 0.09 percent weaker than the previous close of 6.7093.

** The largest percentage gainers in the main Shanghai Composite index were Shanghai Tianchen Co Ltd, up 10.05 percent, followed by Shanghai International Port Group Co Ltd, gaining 10.05 percent and Shanghai New Huang Pu Real Estate Co Ltd, up 10.04 percent.

** The largest percentage losses in the Shanghai index were PNC Process Systems Co Ltd down 6.87 percent, followed by Shanghai Sunglow Packaging Technology Co Ltd Co Ltd losing 6.81 percent and Shanghai DZH Ltd down by 6.44 percent.

** So far this year, the Shanghai stock index is up 30.2 percent and the CSI300 has risen 34.9 percent , while China’s H-share index listed in Hong Kong is up 15.2 percent. Shanghai stocks have risen 5.04 percent this month.

** About 46.91 billion shares were traded on the Shanghai exchange, roughly 112.1 percent of the market’s 30-day moving average of 41.85 billion shares a day. The volume in the previous trading session was 43.05 billion.

** As of 0716 GMT, China’s A-shares were trading at a premium of 26.33 percent over the Hong Kong-listed H-shares. (Reporting by Shanghai Newsroom; Editing by Richard Borsuk)

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