July 18, 2018 / 4:34 AM / in 3 months

China stocks gain tracking Asian shares; Hong Kong up

* SSEC 0.5 pct, CSI300 0.5 pct, HSI 0.3 pct

* HK->Shanghai Connect daily quota used 0.8 pct, Shanghai->HK daily quota used 0.9 pct

* FTSE China A50 +0.5 pct, BNY Mellon ADR China Select Index +0.9 pct

SHANGHAI, July 18 (Reuters) - China stocks rose on Wednesday, underpinned by gains in utility firms, and joined a rally in Asian peers after an upbeat outlook from the head of the U.S. central bank.

** The CSI300 index rose 0.5 percent to 3,466.58 points at the end of the morning session, while the Shanghai Composite Index gained 0.5 percent to 2,812.34 points. ** U.S. Federal Reserve Chairman Jerome Powell, discounting the risk that a trade war may throw a global recovery off track, said the economy is on the cusp of “several years” where the job market remains strong and inflation stays around the Fed’s 2 percent target. ** Most sectors gained ground, led by utilities firms rising 3.2 percent, and poised for their biggest single-day gain in more than two years. ** China will promote asset restructuring in sectors like coal, telecommunications, electric power, manufacturing and chemicals this year, state media reported on Tuesday, as it begins the latest round of its ambitious state firms’ reform programme. ** In Hong Kong, the Hang Seng index rose 0.3 percent to 28,268.79 points, while the Hong Kong China Enterprises Index gained 0.5 percent to 10,649.32. ** Around the region, MSCI’s Asia ex-Japan stock index climbed 0.38 percent, while Japan’s Nikkei index rose 0.77 percent. ** The yuan was quoted at 6.7042 per U.S. dollar, 0.01 percent weaker than the previous close of 6.7035. ** The largest percentage gainers in the main Shanghai Composite index were Huaneng Lancang River Hydropower Inc, which rose 10.1 percent, followed by Founder Technology Group Co Ltd, which climbed 10.04 percent and China CYTS Tours Holding Co Ltd, which rose 10.02 percent. ** The largest percentage losses in the Shanghai index were Henan Oriental Silver Star Investment Co Ltd down 10 percent, followed by Dynagreen Environmental Protection Group Co Ltd losing 5.93 percent and Proya Cosmetics Co Ltd down by 5.3 percent. ** The top gainers among H-shares were Great Wall Motor Co Ltd up 5.74 percent, followed by CSPC Pharmaceutical Group Ltd gaining 3.44 percent and Guangzhou Automobile Group Co Ltd up by 2.6 percent. ** The three biggest H-shares percentage decliners were China Gas Holdings Ltd which has fallen 3.14 percent, CNOOC Ltd which has lost 1.7 percent and PICC Property and Casualty Co Ltd down by 1.5 percent. ** About 6.65 billion shares have traded so far on the Shanghai exchange, roughly 51.2 percent of the market’s 30-day moving average of 12.97 billion shares a day. The volume traded was 10.54 billion as of the last full trading day. ** As of 0403 GMT, China’s A-shares were trading at a premium of 18.81 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 12.08 as of the last full trading day, while the dividend yield was 2.7 percent. ** So far this week, the market capitalisation of the Shanghai stock index dropped 1.1 percent to 29.63 trillion yuan.

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

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