July 24, 2019 / 8:49 AM / 4 months ago

HK shares gain on trade talk hopes; investors await Fed rate decision

July 24 (Reuters) - Hong Kong stocks ended slightly higher on Wednesday as prospects of fresh China-U.S. trade negotiations lifted sentiment, while investors awaited possible U.S. rate cuts this month.

** The Hang Seng index ended up 0.2% at 28,524.04, while the China Enterprises Index closed 0.5% higher at 10,858.88 points.

** White House economic adviser Larry Kudlow on Tuesday called it a good sign that top U.S. officials would be travelling to China to discuss reviving stalled trade talks, and said he expected Beijing to start buying U.S. agriculture products soon.

** Investors are also awaiting policy decisions from the U.S. Federal Reserve, which is widely expected to cut interest rates later this month.

** The sub-index of the Hang Seng tracking energy shares dipped 0.5%, while the IT sector rose 1.65%, the financial sector ended 0.03% lower and the property sector closed up 0.26%. ** The top gainer in the Hang Seng was China Resources Land Ltd , which gained 3.53%, while the biggest loser was Sino Biopharmaceutical Ltd, which fell 1.49%. ** China’s main Shanghai Composite index closed up 0.8% at 2,923.28 points, while the blue-chip CSI300 index ended 0.79% firmer. ** Around the region, MSCI’s Asia ex-Japan stock index was weaker by 0.02%, while Japan’s Nikkei index closed up 0.41%. ** The yuan was quoted at 6.8745 per U.S. dollar at 0829 GMT, 0.07% firmer than the previous close of 6.8794. ** The top gainers among H-shares were Dongfeng Motor Group Co Ltd up 4%, followed by China Resources Land Ltd , gaining 3.53% and Guangzhou Automobile Group Co Ltd , up by 3.34%. ** The three biggest H-shares percentage decliners were China National Building Material Co Ltd, which closed down 1.26%, People’s Insurance Company Group of China Ltd, which ended 1.19% lower and PICC Property and Casualty Co Ltd , down by 1.05%. (Reporting by the Shanghai Newsroom, Editing by Sherry Jacob-Phillips)

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