March 21, 2019 / 4:58 AM / in 3 months

China, Hong Kong stocks edge higher on dovish Fed stance

* SSEC +0.6 pct, CSI300 +0.2 pct, HSI +0.2 pct

* HK->Shanghai Connect daily quota used -0.4 pct, Shanghai->HK daily quota used 2.2 pct

* FTSE China A50 -0.1 pct, BNY Mellon ADR China Select Index -0.3 pct

SHANGHAI, March 21 (Reuters) - China and Hong Kong stocks rose on Thursday morning, after the U.S. Federal Reserve took a more accommodative stance at its policy meeting.

** The CSI300 index rose 0.2 percent, to 3,844.25 points, at the end of the morning session, while the Shanghai Composite Index gained 0.6 percent, to 3,109.48 points.

** The Hang Seng index added 0.2 percent, to 29,370.02 points, while the Hong Kong China Enterprises Index gained 0.5 percent, to 11,683.39.

** In comments at the end of a two-day policy meeting on Wednesday, the Fed abandoned projections for any interest rate hikes this year amid signs of an economic slowdown, and said it would halt the steady decline of its balance sheet in September.

** Meanwhile, there are concerns about valuations as major Chinese stock indexes trade near nine-month highs, amid lingering concerns about trade talks with the United States.

** U.S. President Donald Trump on Wednesday warned that Washington may leave tariffs on Chinese goods for a “substantial period” to ensure Beijing’s compliance with any trade deal.

** China-U.S. trade talks are set to resume next week.

** The yuan was quoted at 6.6828 per U.S. dollar, 0.17 percent firmer than the previous close of 6.6943.

** The largest percentage gainers on the main Shanghai Composite index were Gansu Yasheng Industrial Group Co Ltd , up 10.14 percent, followed by Baiyin Nonferrous Group Co Ltd, gaining 10.09 percent, and Xinjiang Tianfu Energy Co Ltd, up by 10.07 percent.

** The largest percentage losers on the Shanghai index were Guangzhou Restaurant Co Ltd, down 7.89 percent, followed by Jiangsu Luokai Mechanical & Electrical Co Ltd , losing 5.77 percent, and Zhejiang Dafeng Industrial Co Ltd, down by 5.66 percent.

** So far this year, the Shanghai stock index is up 23.93 percent, while China’s H-share index is up 14.8 percent. Shanghai stocks have risen 5.09 percent this month.

** The top gainers among H-shares were New China Life Insurance Co Ltd, up 10.17 percent, followed by CSPC Pharmaceutical Group Ltd, gaining 4.28 percent, and Anhui Conch Cement Co Ltd, up by 3.51 percent.

** The three biggest H-shares percentage decliners were China Resources Land Ltd, which has fallen 1.50 percent, Hengan International Group Company Ltd, which has lost 0.5 percent, and Huatai Securities Co Ltd, down by 0.4 percent.

** About 22.59 billion shares have traded so far on the Shanghai exchange, roughly 62.8 percent of the market’s 30-day moving average of 36.00 billion shares a day. The volume traded was 35.86 billion as of the last full trading day.

** As of 04:31 GMT, China’s A-shares were trading at a premium of 24.33 percent over the Hong Kong-listed H-shares.

Reporting by Luoyan Liu and John Ruwitch; Editing by Subhranshu Sahu

Nuestros Estándares:Los principios Thomson Reuters
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