May 30, 2019 / 8:32 AM / 3 months ago

HK stocks hit four-month closing low as trade woes crimp sentiment

* HK->Shanghai Connect daily quota used 0.6%, Shanghai->HK daily quota used 2.9%

* HSI -0.4%, HSCE +0.6%, CSI300 -0.6%

* FTSE China A50 -0.5%

May 30 (Reuters) - Hong Kong stocks on Thursday closed at a four-month low as Beijing stepped up its rhetoric amid a festering trade dispute with Washington. ** The Hang Seng index ended down 0.4% at 27,114.88 points, its lowest closing level since January 24, while the China Enterprises Index closed up 0.6% at 10,450.09 points. ** Provoking trade disputes is “naked economic terrorism”, a senior Chinese diplomat said on Thursday, ramping up the rhetoric against the United States amid a bitter trade war that isn’t showing any signs of ending soon. ** “This kind of deliberately provoking trade disputes is naked economic terrorism, economic chauvinism, economic bullying,” China’s Vice Foreign Minster Zhang Hanhui said. ** His comments came after Chinese newspapers reported that Beijing could use rare earths to strike back at Washington after U.S. President Donald Trump remarked he was “not yet ready” to make a deal with China over trade. ** Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.19%, while Japan’s Nikkei index closed down 0.29%. ** The yuan was quoted at 6.9053 per U.S. dollar at 0815 GMT, 0.11% firmer than the previous close of 6.913. ** The top gainers among H-shares were China Railway Group Ltd up 2.67%, followed by People’s Insurance Company Group of China Ltd, gaining 2.33% and China Minsheng Banking Corp Ltd, up by 2.16%. ** The three biggest H-shares percentage decliners were CSPC Pharmaceutical Group Ltd, which was down 3.07%, Shenzhou International Group Holdings Ltd, which fell 1.3% and CITIC Securities Co Ltd, down by 1.2%. ** About 1.94 billion Hang Seng index shares were traded, roughly 108.7% of the market’s 30-day moving average of 1.79 billion shares a day. The volume traded in the previous trading session was 2.31 billion. ** At close, China’s A-shares were trading at a premium of 26.36% over Hong Kong-listed H-shares. (Reporting by the Shanghai Newsroom, Editing by Sherry Jacob-Phillips)

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