February 23, 2018 / 4:44 AM / 25 days ago

HK stocks rally on easing US rate fears; China inches up despite Anbang jolt

* SSEC 0.1 pct, CSI300 0.1 pct, HSI 0.8 pct

* HK->Shanghai Connect daily quota used 6.5 pct, Shanghai->HK daily quota used 7.4 pct

* FTSE China A50 +0.2 pct, BNY Mellon ADR China Select Index +0.4 pct

SHANGHAI, Feb 23 (Reuters) - Hong Kong stocks rallied across the board on Friday morning, tracking gains in other Asian markets as comments from a Federal Reserve official eased worries about faster U.S. rate hikes.

Shares in listed firms in which Anbang Insurance Group holds stakes were mixed by the lunch break, as China seizes control of the acquisitive financial conglomerate, in a dramatic move that underscores Beijing’s intent to crackdown on financial risk. Some Anbang-related stocks rose because the state takeover would rule out the possibility of a fire sale of assets, traders said.

** At 04:01 GMT, the Shanghai Composite index was up 3.09 points, or 0.09 percent, at 3,271.65. ** China’s blue-chip CSI300 index was up 0.05 percent, with its financial sector sub-index higher by 0.49 percent, the consumer staples sector down 0.51 percent, the real estate index up 1.49 percent and healthcare sub-index up 0.01 percent. ** Chinese H-shares listed in Hong Kong rose 1.35 percent at 12,697.78, while the Hang Seng Index was up 0.84 percent at 31,226.61. ** The smaller Shenzhen index was down 0.21 percent and the start-up board ChiNext Composite index was weaker by 0.84 percent. ** Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.87 percent while Japan’s Nikkei index was up 0.52 percent. ** The yuan was quoted at 6.34 per U.S. dollar, 0.26 percent firmer than the previous close of 6.3565. ** The largest percentage gainers in the main Shanghai Composite index were Shanghai Prosolar Resources Development Co Ltd up 10.11 percent, followed by Datang Telecom Technology Co Ltd gaining 10.01 percent and KPC Pharmaceuticals Inc up by 9.98 percent. ** The largest percentage losses in the Shanghai index were Henan Ancai Hi-tech Co Ltd down 4.38 percent, followed by Wuhan DDMC Culture Co Ltd losing 3.74 percent and Hna Innovation Co Ltd down by 3.57 percent. ** So far this year, the Shanghai stock index is down 1.17 percent, while China’s H-share index is up 7.0 percent. Shanghai stocks have declined 6.1 percent this month. ** The top gainers among H-shares were China Minsheng Banking Corp Ltd up 2.77 percent, followed by China Pacific Insurance Group Co Ltd gaining 2.36 percent and Zhuzhou CRRC Times Electric Co Ltd up by 2.27 percent. ** The three biggest H-shares percentage decliners were Byd Co Ltd which has fallen 0.27 percent, SINOPHARM GROUP CO LTD which has lost 0.1 percent and China Telecom Corp Ltd down by 0.3 percent. ** About 8.72 billion shares have traded so far on the Shanghai exchange, roughly 40.9 percent of the market’s 30-day moving average of 21.35 billion shares a day. The volume traded was 13.87 billion as of the last full trading day. ** As of 04:02 GMT, China’s A-shares were trading at a premium of 26.89 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 15.01 as of the last full trading day while the dividend yield was 1.9 percent. ** So far this week, the market capitalisation of the Shanghai stock index has risen by 2.22 percent to 28.98 trillion yuan. ** In Hong Kong, the sub-index of the Hang Seng index tracking energy shares rose 1.2 percent while the IT sector rose 0.9 percent. The top gainer on Hang Seng was Country Garden Holdings Co Ltd up 3.81 percent, while the biggest loser was Hengan International Group Company Ltd which was down 1.38 percent.

Reporting by Samuel Shen and John Ruwitch; Editing by Gopakumar Warrier

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