March 4, 2019 / 8:36 AM / 8 months ago

Hong Kong shares end at over 8-month high on progress in trade talks

* Hang Seng index ends up 0.51 pct

* China Enterprises index HSCE rises 0.6 pct

* HSI financial sector sub-index up 0.36 pct; property sector up 0.5 percent

March 4 (Reuters) - Shares in Hong Kong rose on Monday, closing at their highest level in more than eight months, as Washington and Beijing were said to be moving closer to reaching a deal to end their trade war.

** The Hang Seng index rose 0.51 percent to 28,959.59 points, its highest close since June 25. The Hang Seng China Enterprises index gained 0.6 percent to 11,575.53. ** The sub-index of the Hang Seng tracking energy shares rose 0.3 percent, while the IT sector rose 2.64 percent, the financial sector ended 0.36 percent higher and the property sector rose 0.52 percent. ** The United States and China appear close to a deal that would roll back U.S. tariffs on at least $200 billion worth of Chinese goods, as Beijing makes pledges on structural economic changes and eliminates retaliatory tariffs on U.S. goods, a source briefed on negotiations told Reuters on Sunday. ** The top gainer on the Hang Seng was CSPC Pharmaceutical Group Ltd, which rose 4.37 percent, while the biggest loser was China Mobile Ltd, which fell 2.68 percent. ** China’s main Shanghai Composite index closed up 1.12 percent at 3,027.58 points, while the blue-chip CSI300 index ended up 1.18 percent. ** Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.18 percent, while Japan’s Nikkei index closed up 1.02 percent. ** The yuan was quoted at 6.6981 per U.S. dollar at 08:22 GMT, 0.14 percent firmer than the previous close of 6.7078. ** The top gainers among H-shares were CSPC Pharmaceutical Group Ltd up 4.37 percent, followed by Bank of Communications Co Ltd, gaining 4.07 percent and China Cinda Asset Management Co Ltd, up by 3.42 percent. ** The three biggest H-shares percentage decliners were ZhongAn Online P & C Insurance Co Ltd, which was down 3.44 percent, Byd Co Ltd, which fell 2.8 percent, and China Mobile Ltd, down by 2.7 percent. ** About 2.77 billion Hang Seng index shares were traded, roughly 163.9 percent of the market’s 30-day moving average of 1.69 billion shares a day. The volume traded in the previous trading session was 1.99 billion.

Reporting by Andrew Galbraith; Editing by Shreejay Sinha

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