June 23, 2020 / 8:37 AM / 22 days ago

Hong Kong shares end higher after Trump says China trade deal 'fully intact'

* Hang Seng index ends up 1.62%

* China Enterprises index HSCE rises 1.16%

* HSI financial sector sub-index is 1.5% higher; property sector up 0.3%

June 23 (Reuters) - Hong Kong shares reversed early losses to end more than 1.5% higher on Tuesday after President Donald Trump clarified that the U.S.-China trade deal was still in force, calming investors spooked by comments from a trade adviser.

** White House trade adviser Peter Navarro said on Fox News that the trade deal between Washington and Beijing was “over” pushing the Hang Seng index down as much as 1.33% in early trade. ** However, Navarro later walked back on his remarks saying the trade deal with China “continues in place” and Trump said in a tweet the deal with China was “fully intact”. ** At the close of trade, the Hang Seng index was up 396.00 points or 1.62% at 24,907.34. The Hang Seng China Enterprises index rose 1.16% to 9,993.48. ** The sub-index of the Hang Seng tracking energy shares rose 0.3%. The financial sector ended 1.47% higher and the property sector rose 0.25%. ** The IT sector rose 4.04% boosted by Tencent Holdings Ltd, which jumped 4.89% and closed just short of an all-time high. ** Tencent was the top gainer on the Hang Seng, while the biggest loser was Link Real Estate Investment Trust, down 1.39%. ** China’s main Shanghai Composite index closed up 0.18% at 2,970.62 points and the blue-chip CSI300 index ended up 0.48%. ** Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.98% and Japan’s Nikkei index closed up 0.5%. ** The yuan was quoted at 7.0664 per U.S. dollar at 0810 GMT, 0.02% firmer than the previous close of 7.0678. (Reporting by Andrew Galbraith; Editing by Amy Caren Daniel)

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