April 2, 2019 / 7:40 AM / a year ago

Shanghai shares close at fresh 10-month high on data boost, trade talks hopes

* Shanghai stocks post highest close since May 22, 2018

* CSI300 index edges down after touching one-year high

* New round of U.S.-China trade talks to start this week

SHANGHAI, April 2 (Reuters) - China’s benchmark Shanghai Composite index see-sawed in a tight range on Tuesday before closing at a new 10-month high as investors cheered this week’s manufacturing data, and maintained optimism about policy easing and U.S.-China trade talks. ** At the close, the Shanghai Composite index was up 0.2 percent at 3,176.82 after bobbing in and out of the red. It was the highest close for the index since May 22, 2018. ** The blue-chip CSI300 index, which also swung between losses and gains throughout the day, closed 0.07 percent lower after touching a fresh one-year intraday high. ** While its financial sector sub-index rose by 0.16 percent, the consumer staples sector fell 1.06 percent, the real estate index lost 0.44 percent and the healthcare sub-index ended down 0.83 percent. ** Even after trimming its gains, the CSI300 has gained nearly 32 percent this year, while the Shanghai stock index is up more than 27 percent. ** Chinese A-shares have been supported by a number of factors, including stronger manufacturing data released on Monday, an improved outlook for U.S.-China trade talks and credit growth, abundant liquidity, and investors’ expectations of an imminent cut to banks’ reserve requirement ratios, Gao Ting, head of China Strategy at UBS Securities, said in a note. ** Giving a further boost to trade sentiment, both the United States and China have reported progress in talks aimed at ending their trade war. A Chinese trade delegation led by Vice Premier Liu He will visit Washington for the newest round of talks starting on Wednesday. ** The smaller Shenzhen index ended up 0.11 percent and the start-up board ChiNext Composite index was weaker by 0.383 percent. ** Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.14 percent, while Japan’s Nikkei index closed down 0.02 percent. ** At 07:15 GMT, the yuan was quoted at 6.7227 per U.S. dollar, 0.15 percent weaker than the previous close of 6.7125. ** The largest percentage gainers on the main Shanghai Composite index were AVIC Capital Co Ltd, up 10.08 percent, followed by Dalian Thermal Power Co Ltd, gaining 10.07 percent, and Asian Star Anchor Chain Co Ltd Jiangsu , up by 10.04 percent. ** The largest percentage losers on the Shanghai index were Hangzhou TianMuShan Pharmaceutical Enterprise Co Ltd , down 9.99 percent, followed by Nanjing Xinjiekou Department Store Co Ltd, losing 6.12 percent, and Zhejiang Jiecang Linear Motion Technology Co Ltd, down by 5.35 percent. (Reporting by Andrew Galbraith; Editing by Subhranshu Sahu)

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