March 6, 2019 / 4:29 AM / 7 months ago

China stocks hover near 9-month high on stimulus hopes; HK gains

* SSEC 0.9 pct, CSI300 0.2 pct, HSI 0.2 pct

* HK->Shanghai Connect daily quota used 1.8 pct, Shanghai->HK daily quota used 3.6 pct

* FTSE China A50 -0.1 pct, BNY Mellon ADR China Select Index +1.7 pct

SHANGHAI, March 6 (Reuters) - China’s major stock indexes climbed on Wednesday, hovering near a nine-month high, bolstered by hopes Beijing will pursue more stimulus this year to underpin the cooling economy, even as investors watched for developments in the Sino-U.S. trade talks.

** The CSI300 index rose 0.2 percent to 3,825.12 points at the end of the morning session, while the Shanghai Composite Index gained 0.9 percent to 3,082.87 points.

** China’s state planner said on Wednesday the government will implement measures to further boost domestic consumption this year.

** Beijing announced billions of dollar in tax cuts and infrastructure spending on Tuesday to reduce the risk of a sharper economic slowdown.

** A private survey showed on Tuesday China’s services sector expanded at the slowest pace in four months in February, underlining growing strains on the economy and a challenging outlook for businesses this year.

** On the trade front, U.S. Secretary of State Mike Pompeo said on Monday he thought the United States and China were “on the cusp” of a deal to end their trade war. Pompeo added on Tuesday that “Things are in a good place, but it’s got to be right.”

** The Hang Seng index added 0.2 percent to 29,022.29 points, while the Hong Kong China Enterprises Index lost 0.1 percent, to 11,570.32.

** Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.05 percent while Japan’s Nikkei index was down 0.75 percent.

** The yuan was quoted at 6.716 per U.S. dollar, 0.11 percent weaker than the previous close of 6.7088.

** The largest percentage gainers in the main Shanghai Composite index were Shanghai Guangdian Electric Group Co Ltd , up 10.12 percent, followed by Wenfeng Great World Chain Development Corp, gaining 10.12 percent and Sichuan Changhong Electric Co Ltd, up by 10.06 percent.

** The largest percentage losses in the Shanghai index were Hunan Baili Engineering Sci & Tech Co Ltd, down 6.16 percent, followed by Universal Scientific Industrial Shanghai Co Ltd, losing 4.8 percent and LONGi Green Energy Technology Co Ltd, down by 3.52 percent.

** So far this year, the Shanghai stock index is up 22.47 percent, while China’s H-share index is up 14.4 percent. Shanghai stocks have risen 3.85 percent this month.

** The top gainers among H-shares were Guangzhou Automobile Group Co Ltd, up 4.31 percent, followed by ZhongAn Online P & C Insurance Co Ltd, gaining 2.94 percent and China Tower Corp Ltd, up by 2.2 percent.

** The three biggest H-shares percentage decliners were China Telecom Corp Ltd, which has fallen 2.06 percent, China Life Insurance Co Ltd, which has lost 1.8 percent and GF Securities Co Ltd, down by 1.8 percent.

** About 32.43 billion shares have traded so far on the Shanghai exchange, roughly 128.7 percent of the market’s 30-day moving average of 25.19 billion shares a day. The volume traded was 42.41 billion as of the last full trading day.

** As of 0416 GMT, China’s A-shares were trading at a premium of 24.00 percent over the Hong Kong-listed H-shares.

Reporting by Luoyan Liu and John Ruwitch, Editing by Sherry Jacob-Phillips

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