July 22, 2019 / 8:36 AM / a year ago

Hong Kong stocks end weaker as U.S. rate-cut hopes fade

* HK->Shanghai Connect daily quota used -0.9%, Shanghai->HK daily quota used 2.3%

* HSI -1.4%, HSCE -1.3%, CSI300 -0.7%

* FTSE China A50 -0.2%

July 22 (Reuters) - Hong Kong stocks ended lower on Monday, tracking a global retreat as expectations for an aggressive interest rate cut by the U.S. Federal Reserve at its next meeting were dialled back.

** The Hang Seng index closed 1.4% lower at 28,371.26, while the China Enterprises Index ended down 1.3% at 10,770.31 points.

** Expectations for a 50-bp cut were scaled back further after the Wall Street Journal reported the Fed was likely to cut rates by 25 bps when it meets later this month, and may make further cuts in the future given global growth and trade uncertainties.

** Investors also eyed developments around the Sino-U.S. trade negotiations.

** U.S. President Donald Trump said on Friday U.S. Treasury Secretary Steve Mnuchin had a very good talk with his Chinese counterpart, amid signals from China that officials could soon meet face-to-face in a bid to end their year-long trade war.

** Some Chinese companies are seeking new purchases of U.S. agricultural products, China’s official Xinhua news agency said on Sunday, citing authorities, as Beijing and Washington look for ways to end a protracted trade war.

** Around the region, MSCI’s Asia ex-Japan stock index was weaker by 0.55%, while Japan’s Nikkei index closed down 0.23%.

** The yuan was quoted at 6.8798 per U.S. dollar at 0817 GMT, 0.02% firmer than the previous close of 6.881.

** The top gainers among H-shares were ANTA Sports Products Ltd up 2.22%, followed by China Resources Beer Holdings Co Ltd, gaining 0.94% and Byd Co Ltd , up by 0.83%.

** The three biggest H-shares percentage decliners were Haitong Securities Co Ltd, which ended down 3.43%, Huatai Securities Co Ltd, which closed 2.84% lower and CITIC Securities Co Ltd, down by 2.43%.

** About 1.14 billion Hang Seng index shares were traded, roughly 76.8% of the market’s 30-day moving average of 1.48 billion shares a day. The volume traded in the previous trading session was 1.30 billion.

** At close, China’s A-shares were trading at a premium of 27.79% over Hong Kong-listed H-shares. (Reporting by the Shanghai Newsroom, Editing by Sherry Jacob-Phillips)

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