May 8, 2018 / 4:40 AM / 5 months ago

China, HK stocks rise as Sino-U.S. trade talks to resume

* SSEC 0.9 pct, CSI300 1.3 pct, HSI 1.2 pct

* HK->Shanghai Connect daily quota used 2.5 pct, Shanghai->HK daily quota used 2.7 pct

* China trade talks to resume in Washington next week

*

SHANGHAI, May 8 (Reuters) - China stocks rose sharply on Tuesday as reports that Sino-U.S. talks would resume eased worries of a trade war, while investors bought blue-chips ahead of MSCI’s A-share inclusion on June 1. Hong Kong stocks also edged higher.

** The CSI300 index was up 1.3 percent at 3,883.67 points at the end of the morning session, while the Shanghai Composite Index gained 0.9 percent to 3,165.08 points. ** The Hang Seng index added 1.2 percent to 30,345.95 points, while the Hong Kong China Enterprises Index gained 1.6 percent to 12,154.77. ** Investors cheered on news that China’s top economic official Liu He will visit Washington next week to resume trade talks with the Trump administration, easing fears of a trade war. Discussions in Beijing last week failed to produce agreement on a long list of U.S. trade demands.

** Investors in China also expect that MSCI’s China inclusion on June 1 will bring in a wave of foreign money inflows into the country’s blue-chips. ** The smaller Shenzhen index was up 0.67 percent and the start-up board ChiNext Composite index was higher by 0.08 percent. ** Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.50 percent, while Japan’s Nikkei index was up 0.28 percent. ** The yuan was quoted at 6.3659 per U.S. dollar, 0.07 percent weaker than the previous close of 6.3617. ** The largest percentage gainers in the main Shanghai Composite index were Beijing Aerospace Changfeng Co Ltd, which gained 10.03 percent, followed by Kunshan Kersen Science & Technology Co Ltd, which climbed 10.03 percent and Qingdao Tianhua Institute of Chemistry Engineering Co Ltd up by 10.03 percent. ** The largest percentage losses in the Shanghai index were Aurora Optoelectronics Co Ltd, which lost 10.01 percent, followed by Jiangsu Lugang Culture Co Ltd, which slipped 8.37 percent and Guangdong Ellington Electronics Technology Co Ltd down by 6.43 percent. ** The top gainers among H-shares were New China Life Insurance Co Ltd, which gained 5.75 percent, followed by China Pacific Insurance Group Co Ltd, which climbed 5.5 percent and PICC Property and Casualty Co Ltd that rose 3.71 percent. ** The three biggest H-shares percentage decliners were Zhuzhou CRRC Times Electric Co Ltd, which fell 2.05 percent, CNOOC Ltd, which lost 1.9 percent and Air China Ltd down by 0.6 percent. ** About 8.25 billion shares have traded so far on the Shanghai exchange, roughly 52.8 percent of the market’s 30-day moving average of 15.63 billion shares a day. The volume traded was 13.89 billion, as of the last full trading day. ** As of 0424 GMT, China’s A-shares were trading at a premium of 23.58 percent over the Hong Kong-listed H-shares. ** The Shanghai stock index is below its 50-day moving average and below its 200-day moving average. ** The price-to-earnings ratio of the Shanghai index was 13.47 as of the last full trading day while the dividend yield was 2.3 percent.

Reporting by Samuel Shen and John Ruwitch, Editing by Sherry Jacob-Phillips

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