April 7, 2016 / 7:17 AM / 20 days ago

China stocks climb on hopes of scrapping tariffs

* Shanghai shares +0.5%, blue chips +0.7%; both up for w-o-w

* China to ask U.S. to remove tariffs in Friday talks-sources

* Communist Party leaders set for key policy meeting next week

HONG KONG, Oct 25 (Reuters) - Chinese stocks rose on Friday as Beijing reportedly sought the scrapping of Washington’s tariffs on its goods in exchange for buying more U.S. agricultural products, ahead of high-level trade talks later in the day.

** At the close, the Shanghai Composite index was up 0.5% at 2,954.93 points. The CSI300 was up 0.7%. ** The Shanghai index was up 0.6% week-on-week, CSI300 was up 0.7% from the previous week. * CSI300’s financial sector sub-index fell 0.3%, the consumer staples sector gained 2.7%, the real estate index rose 0.5% and the healthcare sub-index was up 2.2%. ** The smaller Shenzhen index ended up almost 1% and the start-up board ChiNext Composite index was higher by 1.3%. ** Top U.S. and Chinese trade officials will discuss plans on Friday for China to buy more U.S. farm products, but in return, Beijing will request the cancellation of some planned and existing U.S. tariffs on Chinese imports, people briefed on the talks told Reuters. ** Robert Lighthizer, the United States Trade Representative, U.S. Treasury Secretary Steven Mnuchin, and Chinese Vice Premier Liu He will speak by telephone on Friday, their latest attempt to calm a nearly 16-month trade war. ** China’s ruling Communist Party will hold a key meeting of its senior leadership next week after an unusually long delay since the last one, state media said on Thursday, as the country grapples with issues ranging from a slowing economy to unrest in Hong Kong. ** U.S. Vice President Mike Pence on Thursday accused China of curtailing “rights and liberties” in Hong Kong and blasted U.S. company Nike and the National Basketball Association for falling into line with Beijing in a disagreement over free speech. ** Around the region, MSCI’s Asia ex-Japan stock index was firmer by almost 0.1%, while Japan’s Nikkei index closed up 0.2%. ** The largest percentage gainers in the main Shanghai Composite index were Henan Yinge Industrial Investment Co Ltd, up 10.2%, followed by Beijing Changjiu Logistics Corp , gaining 10.1% and Hainan Haiqi Transportation Group Co Ltd, up by 10%. ** So far this year, the Shanghai stock index is up 18.5% and the CSI300 has risen 29.4%. Shanghai stocks have risen 1.71% this month. ** About 13.69 billion shares were traded on the Shanghai exchange. The volume in the previous trading session was 12.65 billion. ** The Shanghai stock index is above its 50-day moving average and above its 200-day moving average.

Reporting by Noah Sin; Editing by Catherine Evans

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