May 18, 2018 / 9:23 AM / 3 months ago

Hong Kong stocks rise amid hopes China and U.S. can reach trade deal

* Hang Seng index ends up 0.3 pct

* China Enterprises index HSCE rises 0.6 pct

* HSI financial sector sub-index is flat; property sector up 0.3 pct

May 18 (Reuters) - Hong Kong stocks rose on Friday amid hopes that Beijing and Washington will reach a deal in the latest round of trade negotiations.

** The Hang Seng index rose 0.3 percent to 31,047.91, while the China Enterprises Index gained 0.6 percent to 12,355.13.

** 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 sub-index of the Hang Seng tracking energy shares rose 4.1 percent while the IT sector dipped 0.01 percent, the financial sector was 0.16 percent higher and property sector rose 0.3 percent. ** The top gainer on Hang Seng was PetroChina Co Ltd up 6.37 percent, while the biggest loser was Sunny Optical Technology Group Co Ltd which was down 2.05 percent. ** China’s main Shanghai Composite index closed up 1.23 percent at 3,154.2825 while its blue-chip CSI300 index ended up 1 percent. ** Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.04 percent while Japan’s Nikkei index closed up 0.4 percent. ** The yuan was quoted at 6.3732 per U.S. dollar at 09:01 GMT, 0.14 percent weaker than the previous close of 6.3645. ** As of the previous trading session, the Hang Seng index was up 3.42 percent this year, while China’s H-share index was up 4.9 percent. As of the previous close, the Hang Seng has risen 0.43 percent this month. ** The top gainers among H-shares were PetroChina Co Ltd up 6.37 percent, followed by China Shenhua Energy Co Ltd gaining 6.28 percent and Guangdong Investment Ltd up by 3.77 percent. ** The three biggest H-shares percentage decliners were Air China Ltd which was down 6.11 percent, ZhongAn Online P & C Insurance Co Ltd which fell 2.3 percent and Hengan International Group Company Ltd down by 1.9 percent. ** About 1.78 billion Hang Seng index shares were traded, roughly 103.2 percent of the market’s 30-day moving average of 1.72 billion shares a day. The volume traded in the previous trading session was 1.55 billion. ** At close, China’s A-shares were trading at a premium of 22.06 percent over the Hong Kong-listed H-shares. ** The price-to-earnings ratio of the Hang Seng index was 12.33 as of the last full trading day while the dividend yield was 3.1 percent. (Reporting by the Shanghai Newsroom; Editing by Gopakumar Warrier)

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