June 7, 2018 / 8:37 AM / 6 months ago

Hong Kong stocks rise as Sino-U.S. trade talks progress

* Hang Seng index ends up 0.8 pct

* China Enterprises index rises 1 percent

* HIS financial sector sub-index up 1.2 pct ; property up 0.6 pct

June 7 (Reuters) - Hong Kong stocks rose on Thursday encouraged by signs of progress in the Sino-U.S. trade talks, easing fears of a trade war.

** The Hang Seng index rose 0.8 percent, to 31,512.63, while the China Enterprises Index gained 1.0 percent, to 12,407.80 points.

** China’s Commerce Ministry said on Thursday that the country does not want an escalation of trade frictions with the United States, and that some specific progress was made in the latest round of talks that concluded over the weekend.

**The sub-index of the Hang Seng tracking energy shares rose percent while the IT sector sub-index rose 0.66 percent, the financial sector was 1.16 percent higher and the property sector rose 0.57 percent. ** The top gainer on Hang Seng was Geely Automobile Holdings Ltd up 3.66 percent, while the biggest loser was CSPC Pharmaceutical Group Ltd, down 3.12 percent. ** Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.54 percent while Japan’s Nikkei index closed up 0.87 percent. ** The yuan was quoted at 6.3962 per U.S. dollar at 08:19 GMT, 0.1 percent weaker than the previous close of 6.3898. ** As of the previous trading session, the Hang Seng index was up 4.48 percent this year, while China’s H-share index was up 4.9 percent. As of the previous close, the Hang Seng has risen 2.59 percent this month. ** The top gainers among H-shares were New China Life Insurance Co Ltd up 2.69 percent, followed by Byd Co Ltd gaining 2.52 percent and Shenzhou International Group Holdings Ltd up by 2.31 percent. ** The three biggest H-shares percentage decliners were CSPC Pharmaceutical Group Ltd which was down 3.12 percent, Air China Ltd which fell 1.2 percent and Huaneng Power International Inc down by 0.9 percent. ** About 2.00 billion Hang Seng index shares were traded, roughly 114.1 percent of the market’s 30-day moving average of 1.75 billion shares a day. The volume traded in the previous trading session was 1.51 billion. ** At close, China’s A-shares were trading at a premium of 17.11 percent over the Hong Kong-listed H-shares. ** The price-to-earnings ratio of the Hang Seng index was 12.28 as of the last full trading day while the dividend yield was 3 percent. (Reporting by the Shanghai Newsroom; Editing by Sunil Nair)

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