January 13, 2020 / 8:39 AM / 7 months ago

HK shares close at 8-month high ahead of Sino-U.S. trade deal

SHANGHAI, Jan 13 (Reuters) - Hong Kong stocks closed at an over eight-month high on Monday as optimism ahead of the signing of the Phase 1 trade deal between the United States and China this week buoyed sentiment.

** The Hang Seng index rose 1.1% to 28,954.94, the highest close since May 8, 2019. The China Enterprises Index gained 1.2% to 11,396.76.

** China and the United States will sign the trade agreement on Jan. 15 and the Trump administration has invited at least 200 people to the White House for the ceremony.

** The agreement eases the 18-month long trade dispute between the countries and aims to alter China’s trade and economic practices, but it will still leave in place tariffs on about $370 billion worth of Chinese imports per year. ** The sub-index of the Hang Seng tracking energy shares rose 0.5%, the IT sector rose 2.3%, the financial sector ended 1.06% higher and the property sector rose 0.76%. ** The top gainer on the Hang Seng was Hengan International Group Company Ltd, which gained 3.78%, while the biggest loser was Country Garden Holdings Co Ltd, down 0.97%. ** China’s main Shanghai Composite index closed up 0.8% at 3,115.57, while the blue-chip CSI300 index ended up 1%. ** Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.65%. ** The yuan was quoted at 6.8955 per U.S. dollar at 0819 GMT, 0.34% firmer than the previous close of 6.9191. ** The top gainers among H-shares were Byd Co Ltd up 15.87%, followed by Hengan International Group Company Ltd , gaining 3.78% and SINOPHARM GROUP CO LTD, up by 3.03%. ** The three biggest H-shares percentage decliners were ANTA Sports Products Ltd, which was down 2.46%, China Resources Beer Holdings Co Ltd, which fell 1.65% and Country Garden Holdings Co Ltd, down by 0.97%. (Reporting by the Shanghai Newsroom; editing by Uttaresh.V)

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