June 18, 2020 / 8:34 AM / 21 days ago

Hong Kong stocks recoup loss to end flat as Beijing signals policy support

* HK->Shanghai Connect daily quota used 6.6%, Shanghai->HK daily quota used 4.5%

* HSI -0.1%, HSCE +0.1%, CSI300 +0.7%

* FTSE China A50 +0.6%

June 18 (Reuters) - Hong Kong stocks recovered most of their earlier losses to end basically flat, helped by Beijing’s pledge for more reforms and liquidity to boost the world’s second largest economy.

** At the close of trade, the Hang Seng index was down 16.47 points or 0.07% at 24,464.94, while the Hang Seng China Enterprises index rose 0.07% to 9,916.45.

** HSI and HSCE declined 1.5% and 1.3%, respectively, in early morning trade on lingering worries over the resurgence of the coronavirus outbreak.

** Stocks later regained lost ground, as Beijing signalled more policy support for its economy and capital markets.

** China will maintain ample financial system liquidity in the second half of the year as the economy recovers from the coronavirus but will need to consider withdrawing that support at some point, its central bank governor warned on Thursday.

** Earlier in the day, the People’s Bank of China made its first 14-day reverse repo injection since February, and cut the rate 20bps.

** China’s top securities regulator said on Thursday that the country would continue to “comprehensively deepen” capital market reform, and that the top priority is to help market confidence recover amid the pandemic.

** Leading the gains, the Hang Seng IT index closed up 1.2%, with bellwether ZTE Corp surging 22%.

** Around the region, MSCI’s Asia ex-Japan stock index was weaker by 0.01%, while Japan’s Nikkei index closed down 0.45%.

** The yuan was quoted at 7.077 per U.S. dollar at 08:12 GMT, 0.09% firmer than the previous close of 7.0835.

** At close, China’s A-shares were trading at a premium of 25.81% over Hong Kong-listed H-shares. (Reporting by the Shanghai Newsroom; Editing by Simon Cameron-Moore)

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