January 9, 2019 / 7:34 AM / 2 months ago

China stocks end higher on trade talk hopes, policy support plans

* Shanghai benchmark, blue-chip index close higher

* Gains in Shanghai stocks led by Jinzhou Port Co

* China’s A-shares at 17.70 pct premium over H-shares

SHANGHAI, Jan 9 (Reuters) - China stocks closed higher on Wednesday on optimism around the United States and China moving closer to a trade deal, and Beijing encouraging consumer spending amid economic slowdown.

** The blue-chip CSI300 index ended up 1.0 percent at 3,078.48, while the Shanghai Composite Index closed 0.7 percent higher at 2,544.34 points.

** The U.S. trade delegation in Beijing is “wrapping up” meetings with Chinese officials and will return to the United States later on Wednesday after a “good few days”, a U.S. official said.

** Originally scheduled for Monday and Tuesday, the negotiations were extended by a day amid signs of progress on issues, including purchases of U.S. farm and energy commodities, and increased access to China’s markets.

** “We believe that the talks far exceeding their initial timeframe indicates that both Chinese and U.S. officials are determined to reach an agreement in these negotiations,” Hu Shaohua, an analyst at Donghai Securities, said in a note.

** Shares of most Chinese automakers rallied after the vice chairman of the country’s state planner said the country would introduce policies to boost domestic spending on items, including automobiles and home appliances.

** Consumer firms also gained, in particular home appliance makers, as Beijing encourages spending in the sector.

** Around the region, MSCI’s Asia ex-Japan stock index was firmer by 1.43 percent, while Japan’s Nikkei index closed up 1.1 percent.

** At 07:09 GMT, the yuan was quoted at 6.839 per U.S. dollar, 0.23 percent firmer than the previous close of 6.8548.

** Shares of Jinzhou Port Co Ltd, up 10.13 percent, were the biggest percentage gainers on the main Shanghai Composite index, followed by those of Lifan Industry Group Co Ltd, gaining 10.1 percent and Changshu Fengfan Power Equipment Co Ltd, up 10.08 percent.

** Shares of Pengqi Technology Development Co Ltd , down 8.06 percent, were the biggest percentage losers on the index, followed by those of Zhejiang Dafeng Industrial Co Ltd, down 5.6 percent, and Shandong Tyan Home Co Ltd, falling 4.88 percent.

** While the Shanghai benchmark index has risen 2 percent so far this year, the CSI300 is up 2.3 percent. China’s H-share index listed in Hong Kong is up 2.1 percent.

** About 19.19 billion shares were traded on the Shanghai exchange, roughly 143.4 percent of the market’s 30-day moving average of 13.38 billion shares a day. The volume in the previous trading session was 15.81 billion.

** As of 07:10 GMT, China’s A-shares were trading at a premium of 17.70 percent over the Hong Kong-listed H-shares. (Reporting by Shanghai Newsroom; Editing by Rashmi Aich)

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