January 4, 2019 / 8:26 AM / 9 months ago

Hong Kong stocks rally as Beijing vows supportive measures

* Hang Seng index ends 2.24 pct higher

* China Enterprises index HSCE rises 1.97 percent

* HSI financial sector sub-index is 1.7 percent higher; property sector up 3.9 percent

SHANGHAI, Jan 4 (Reuters) - Hong Kong stocks climbed on Friday to end the week higher, as Beijing vowed supportive measures to bolster the economy, while optimism about trade talks between the United States and China helped sooth investor nerves.

** The Hang Seng index ended up 2.2 percent at 25,626.03 points, while the China Enterprises Index gained 2 percent to 10,029.65 points.

** For the week, HSI was up 0.5 percent, while HSCE edged up 0.4 percent.

** China will cut banks’ reserve requirement ratios (RRRs), taxes and fees, Premier Li Keqiang said on Friday, as the world’s second-largest economy shows further signs of cooling.

** China and the United States will hold vice-ministerial level trade talks in Beijing on Jan. 7-8, as the two sides look to end a dispute that is inflicting increasing pain on both economies and roiling global financial markets.

** Data showing China’s services sector extended its solid expansion in December also helped sentiment.

** Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.84 percent, while Japan’s Nikkei index closed down 2.26 percent.

** The yuan was quoted at 6.8636 per U.S. dollar at 0809 GMT, 0.14 percent firmer than the previous close of 6.873.

** The top gainers among H-shares were CSPC Pharmaceutical Group Ltd, which ended up 10.14 percent, followed by CITIC Securities Co Ltd, which closed 6.3 percent higher and Haitong Securities Co Ltd, which ended 5.28 percent firmer.

** The three biggest H-shares percentage decliners were Air China Ltd, which was down 2.35 percent, Anhui Conch Cement Co Ltd, which fell 0.1 percent and Dongfeng Motor Group Co Ltd, down by 0.0 percent.

** At close, China’s A-shares were trading at a premium of 19.79 percent over the Hong Kong-listed H-shares. (Reporting by the Shanghai Newsroom, Editing by Sherry Jacob-Phillips)

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