November 7, 2019 / 8:58 AM / 2 months ago

HK stocks end firmer as signs of trade progress resurface

Nov 7 (Reuters) - Hong Kong stocks ended higher on Thursday as signs of progress in the China-U.S. trade negotiations triggered a rally during the final 30 minutes of trading.

** The Hang Seng index ended up 0.6% at 27,847.23, while the China Enterprises Index closed 0.7% higher at 10,935.89 points. ** Shares were roughly flat in morning trading, but staged a rally during the final 30 minutes of the session, on news that China and the United States have agreed to cancel tariffs imposed during their months-long trade war in different phases.

** China’s commerce ministry told in a news conference that Beijing and Washington must simultaneously cancel some tariffs on each other’s goods for both sides to reach a “phase one” trade deal.

** Investors interpret the news as a solid progress towards an interim deal. On Wednesday, a senior official of the Donald Trump administration told Reuters that the planned meeting to sign the deal could be delayed until December as discussions continue over terms and venue. (Reporting by the Shanghai Newsroom, Editing by Sherry Jacob-Phillips)

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