May 28, 2018 / 4:19 AM / 2 months ago

China, HK stocks climb on chances of North Korea-U.S. summit

* SSEC 0.2 pct, CSI300 0.7 pct, HSI 0.6 pct

* HK->Shanghai Connect daily quota used 3.4 pct, Shanghai->HK daily quota used -0.4 pct

* FTSE China A50 +0.9 pct, BNY Mellon ADR China Select Index +0.9 pct

SHANGHAI, May 28 (Reuters) - China and Hong Kong stocks climbed on Monday, on signs the United States and North Korea were still working towards holding a summit.

** The CSI300 index rose 0.7 percent to 3,842.47 points at the end of the morning session, while the Shanghai Composite Index gained 0.2 percent to 3,146.85 points. ** The Hang Seng index added 0.6 percent to 30,758.49 points, while the Hong Kong China Enterprises Index climbed 0.6 percent to 12,117.39 points. ** U.S. President Donald Trump said on Sunday a U.S. team had arrived in North Korea to prepare for a proposed summit between him and North Korean leader Kim Jong Un, which Trump pulled out of last week before reconsidering. ** Sentiment was also aided as worries eased over the trade tensions between China and the United States, after U.S. reached a deal to keep China’s ZTE in business. ** The Trump administration told lawmakers the U.S. government has reached a deal to put Chinese telecommunications company ZTE Corp back in business after it pays a significant fine and makes management changes, a senior congressional aide said on Friday. ** Chinese Vice President Wang Qishan said on Friday there would be no winners if there was a trade war between China and the United States, but said Beijing had to be ready for any turn of events. ** Investors also found solace after data showed profits earned by Chinese industrial firms in April rose at their fastest pace in six months. ** Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.39 percent while Japan’s Nikkei index was up 0.08 percent. ** The yuan was quoted at 6.3902 per U.S. dollar, 0.02 percent firmer than the previous close of 6.3917. ** The largest percentage gainers in the main Shanghai Composite index were Weilong Grape Wine Co Ltd up 10.03 percent, followed by Changbai Mountain Tourism Co Ltd gaining 10.02 percent and Suzhou Douson Drilling&Production Equipment Co Ltd up by 10 percent. ** The largest percentage losers on the Shanghai index were Inner Mongolia BaoTou Steel Union Co Ltd down 8.46 percent, followed by Guangdong Dcenti Auto-Parts Stock Ltd Co losing 8.16 percent and Jiangsu Rutong Petro-Machinery Co Ltd down by 8.09 percent. ** The top gainers among H-shares were CSPC Pharmaceutical Group Ltd, which climbed 5.18 percent, followed by PetroChina Co Ltd, which gained 4.63 percent and Air China Ltd that rose 3.83 percent. ** The three biggest H-shares percentage decliners were China Gas Holdings Ltd, which fell 4.44 percent, CNOOC Ltd , which dropped 2.0 percent and ZhongAn Online P & C Insurance Co Ltd down by 1.0 percent. ** As of 0402 GMT, China’s A-shares were trading at a premium of 20.04 percent over the Hong Kong-listed H-shares.

Reporting by Luoyan Liu and John Ruwitch, Editing by Sherry Jacob-Phillips

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