March 24, 2016 / 8:13 AM / 2 months ago

HK stocks post weekly gains amid positive trade signals

* HK->Shanghai Connect daily quota used 6.2%, Shanghai->HK daily quota used 2.6%

* HSI +2.3%, HSCE +2.3%, CSI300 +1.0%

* FTSE China A50 +1.4%

Oct 11 (Reuters) - Hong Kong stocks staged a strong rally on Friday to end the week higher, bolstered by signs of progress in the two-day Sino-U.S. trade negotiations.

** The Hang Seng index ended up 2.3% at 26,308.44, while the China Enterprises Index gained 2.3% to 10,452.58 points, both posting their best session since Sept. 4.

** For the week, HSI gained 1.9%, while HSCE added 3%.

** Top U.S. and Chinese negotiators wrapped up a first day of trade talks in more than two months on Thursday as business groups expressed optimism the two sides might be able to ease a 15-month trade war and delay a U.S. tariff hike scheduled for next week.

** U.S. President Donald Trump said “we had a very, very good negotiation with China”, while a White House official said the talks had gone “probably better than expected”.

** China’s foreign ministry said on Friday it hoped China can work with the United States for progress on trade consultations, when asked about trade talks between the two countries.

** The developments of Sino-U.S. trade talks have been a major factor affecting the Hong Kong market, and any progress or partial agreement would greatly boost investor sentiment, Guodu Hong Kong wrote in note.

** Market participants had been awaiting favourable news for a rebound, as the overall valuations of Hong Kong stocks are quite cheap for now, the brokerage added.

** Meanwhile, developments towards a Brexit deal also helped sentiment.

** A Brexit deal could be clinched by the end of October to allow the United Kingdom to leave the European Union in an orderly fashion, Irish Prime Minister Leo Varadkar said after what he called a very positive meeting with Boris Johnson.

** For the day, energy and real estate firms led the gains.

** The Hang Seng properties index and the Hang Seng energy index closed up 3.2% and 3.5%, respectively.

** Around the region, MSCI’s Asia ex-Japan stock index was firmer by 1.31%, while Japan’s Nikkei index closed up 1.15%.

** The yuan was quoted at 7.1016 per U.S. dollar at 0818 GMT, 0.19% firmer than the previous close of 7.115.

** About 2.03 billion Hang Seng index shares were traded, roughly 134.7% of the market’s 30-day moving average of 1.51 billion shares a day. The volume traded in the previous trading session was 1.43 billion.

** At close, China’s A-shares were trading at a premium of 29.70% over Hong Kong-listed H-shares. (Reporting by the Shanghai Newsroom, Editing by Sherry Jacob-Phillips)

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