August 29, 2018 / 8:54 AM / 3 months ago

Hong Kong shares rise on property gains; H-shares down

* Hang Seng index ends up 0.23 pct

* China Enterprises index HSCE falls 0.13 percent

* HSI financial sector sub-index flat; property sector up 0.6 pct

Aug 29 (Reuters) - Shares in Hong Kong ended higher on Wednesday, lifted by property developers, but a cloudy outlook for trade and economic growth in China put pressure on the Hang Seng’s China Enterprises index. ** At close of trade, the Hang Seng index was up 64.82 points, or 0.23 percent, at 28,416.44. The Hang Seng China Enterprises index fell 0.13 percent to 11,083.06.

** China’s state planner head has warned the economy faces increased risks in the second half of this year and that greater efforts are needed for policymakers to hit economic development goals as external challenges intensify.

** The sub-index of the Hang Seng tracking energy shares rose 0.8 percent while the IT sector dipped 0.82 percent, the financial sector was 0.16 percent higher and property sector rose 0.63 percent.

** Property developer China Jinmao saw its shares rising to a one-month high after it reported a 43 percent rise in first-half core profit. Agile Group rose as much as 5.2 percent to a 2-month high on a 102 percent rise in H1 net profit. ** The top gainer on Hang Seng was Hang Lung Properties Ltd up 2.43 percent, while the biggest loser was BOC Hong Kong Holdings Ltd which was down 2.04 percent. ** China’s main Shanghai Composite index closed down 0.31 percent at 2,777.9808 while its blue-chip CSI300 index ended down 0.4 percent. ** Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.24 percent while Japan’s Nikkei index closed up 0.15 percent, with investor optimism over a U.S.-Mexico trade deal clouded by worries over a looming deadline on tariffs with China on Sept. 5. ** The yuan was quoted at 6.8218 per U.S. dollar at 08:29 GMT, 0.28 percent weaker than the previous close of 6.803. ** As of the previous trading session, the Hang Seng index was down 5.24 percent this year, while China’s H-share index was down 5.2 percent. As of the previous close, the Hang Seng has declined 0.81 percent this month. ** The top gainers among H-shares were Guangzhou Automobile Group Co Ltd up 6.4 percent, followed by Shenzhou International Group Holdings Ltd gaining 2.39 percent and Great Wall Motor Co Ltd up by 2.04 percent. ** The three biggest H-shares percentage decliners were GF Securities Co Ltd which was down 3.04 percent, Postal Savings Bank of China Co Ltd which fell 2.9 percent and PICC Property and Casualty Co Ltd down by 2.8 percent. ** About 1.41 billion Hang Seng index shares were traded, roughly 82.6 percent of the market’s 30-day moving average of 1.71 billion shares a day. The volume traded in the previous trading session was 1.70 billion. ** At close, China’s A-shares were trading at a premium of 16.75 percent over the Hong Kong-listed H-shares. ** The price-to-earnings ratio of the Hang Seng index was 10.69 as of the last full trading day while the dividend yield was 3.4 percent. ** So far this week, the market capitalisation of the Hang Seng index has risen by 2.46 percent to HK$18.44 trillion. ** The short and one-factor leveraged Hang Seng index, which is designed to replicate the payoff of a short or leveraged portfolio and is linked to the movements of the Hang Seng Index, was lower by 0.23 percent on the day at 4,960.02 points. (Reporting by Andrew Galbraith; Editing by Gopakumar Warrier)

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