November 8, 2018 / 8:37 AM / 9 months ago

Hong Kong shares edge higher; big three telecoms firms rise

* Hang Seng index ends up 0.31 pct

* China Enterprises index rises 0.58 percent

* Telecoms sub-index adds 2.3 pct

Nov 8 (Reuters) - Hong Kong shares edged higher on Thursday following a Wall Street rally driven by relief that U.S. midterm elections produced no major surprises, and as China’s big three telecoms firms rose on new network deals. ** The Hang Seng index ended 0.3 percent higher at 26,227.72 points, while the China Enterprises Index gained 0.6 percent, to 10,703.59 points. ** The sub-index of the Hang Seng tracking energy shares rose 1.4 percent, while the IT sector dipped 0.31 percent, the financial sector ended 0.24 percent higher and the property sector rose 0.27 percent. ** China’s three big telecoms firms posted strong gains for the day, boosted by deals with Finnish mobile telecom network maker Nokia and, for China Mobile, an infrastructure deal with a Guizhou-based big data company. A sub-index tracking the telecoms sector gained 2.27 percent. ** China reported stronger-than-expected exports for October as shippers rushed goods to the United States ahead of higher tariffs due to kick in at the start of next year. Import growth also came in above expectations, suggesting Beijing’s efforts to cushion the cooling economy may be slowly starting to make themselves felt. ** The top gainer on the Hang Seng was China Resources Power Holdings Co Ltd, up 3.53 percent, while the biggest loser was AAC Technologies Holdings Inc, which lost 7 percent. ** China’s blue-chip CSI300 index ended down 0.3 percent at 3,212.77 points, while the Shanghai Composite Index lost 0.2 percent to 2,635.63 points. ** Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.59 percent, while Japan’s Nikkei index closed up 1.82 percent. ** The yuan was quoted at 6.9272 per U.S. dollar at 08:22 GMT, 0.08 percent weaker than the previous close of 6.9214. ** The top gainers among H-shares were Byd Co Ltd up 3.52 percent, followed by China Gas Holdings Ltd, gaining 2.76 percent and China Mobile Ltd, up by 2.68 percent. ** The three biggest H-shares percentage decliners were CSPC Pharmaceutical Group Ltd, down 2.13 percent, New China Life Insurance Co Ltd, 1.8 percent lower, and Dongfeng Motor Group Co Ltd, which fell by 1.4 percent. ** About 1.71 billion Hang Seng index shares were traded, roughly 90.4 percent of the market’s 30-day moving average of 1.89 billion shares a day. The volume traded in the previous trading session was 1.78 billion. ** At close, China’s A-shares were trading at a premium of 17.80 percent over the Hong Kong-listed H-shares. ** The price-to-earnings ratio of the Hang Seng index was 10.15 as of the last full trading day while the dividend yield was 3.6 percent. ** So far this week, the market capitalisation of the Hang Seng index has fallen by 1.55 percent to HK$16.93 trillion. ** The short and one-factor leveraged Hang Seng index, which is designed to replicate the payoff of a short or leveraged portfolio and is linked to the movements of the Hang Seng Index, was lower by 0.3 percent on the day at 5,300.83 points. (Reporting by Andrew Galbraith; Editing by Gopakumar Warrier)

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