March 6, 2019 / 7:29 AM / 2 months ago

China stocks rise to 9-month closing high on stimulus hopes

* Shanghai stocks higher, blue-chip CSI300 index up

* China to take steps to boost domestic consumption

* Pompeo says China trade deal has ‘got to be right’

SHANGHAI, March 6 (Reuters) - China stocks climbed on Wednesday to nine-month closing highs, bolstered by hopes Beijing would pursue more stimulus this year to underpin the cooling economy, even as investors watched for developments in Sino-U.S. trade talks.

** The blue-chip CSI300 index rose 0.8 percent to 3,848.09, its highest close since May 23, 2018, while the Shanghai Composite Index closed up 1.6 percent at 3,102.10 points, its highest close since June 7, 2018.

** China’s state planner said on Wednesday the government would implement measures to further boost domestic consumption this year.

** Beijing announced billions of dollar in tax cuts and infrastructure spending on Tuesday to reduce the risk of a sharper economic slowdown.

** A private survey showed on Tuesday China’s services sector expanded at the slowest pace in four months in February, underlining growing strains on the economy and a challenging outlook for businesses this year.

** On the trade front, U.S. Secretary of State Mike Pompeo said on Monday he thought the United States and China were “on the cusp” of a deal to end their trade war. Pompeo added on Tuesday that “things are in a good place, but it’s got to be right.”

** Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.11 percent, while Japan’s Nikkei index closed down 0.6 percent.

** At 07:06 GMT, the yuan was quoted at 6.7123 per U.S. dollar, 0.05 percent weaker than the previous close of 6.7088.

** So far this year, the Shanghai stock index is up 24.4 percent and the CSI300 has risen 27.8 percent, while China’s H-share index listed in Hong Kong is up 14.4 percent. Shanghai stocks have risen 5.48 percent this month.

** About 55.50 billion shares were traded on the Shanghai exchange, roughly 220.3 percent of the market’s 30-day moving average of 25.19 billion shares a day. The volume in the previous trading session was 42.41 billion.

** As of 07:07 GMT, China’s A-shares were trading at a premium of 24.57 percent over the Hong Kong-listed H-shares. (Reporting by Shanghai Newsroom; Editing by Subhranshu Sahu)

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