November 25, 2019 / 4:24 AM / 9 months ago

China, Hong Kong stocks climb on trade hopes

* SSEC 0.4%, CSI300 0.3%, HSI 1.8%

* HK->Shanghai Connect daily quota used 5.1%, Shanghai->HK daily quota used 0%

* FTSE China A50 +0.6%

SHANGHAI, Nov 25 (Reuters) - Hong Kong stocks rallied on Monday following key elections, aided by fresh hopes for Sino-U.S. trade talks after leaders of the world’s two largest economies sent positive signals.

** The Hang Seng index added 1.8%, to 27,062.53 points, while the Hong Kong China Enterprises Index gained 1.5%, to 10,661.04 points.

** The leaders of the United States and China on Friday underscored their desire to sign an initial trade deal and defuse a 16-month tariff war that has lowered global growth, providing a welcome boost to financial markets.

** U.S. national security adviser Robert O’Brien said on Saturday that an initial agreement is still possible by the end of the year, but warned Washington would not turn a blind eye to what happens in Hong Kong.

** Pro-democracy candidates in Hong Kong romped to a landslide and symbolic majority in district council elections after residents turned out in record numbers on Sunday to vote, following six months of anti-government protests in the embattled city.

** The elections, or at least their smooth holding, helped lift market sentiment, said Linus Yip, a Hong Kong-based analyst with First Shanghai Securities, adding positive comments over the weekend on the trade talks were also a plus.

** Liquidity conditions for the market would also improve as funds frozen for the subscription of Alibaba’s share sale will flow back, as the e-commerce giant is due to start trading on Tuesday in Hong Kong, he said.

** On the mainland, stocks also rose, though gains were curbed by losses for tech names after the U.S. Federal Communications Commission moved to bar Huawei Technologies from a government subsidy program.

** The CSI300 index rose 0.3%, to 3,861.29 points at the end of the morning session, while the Shanghai Composite Index gained 0.4%, to 2,895.49 points.

** Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.78% while Japan’s Nikkei index was up 0.74%.

** The yuan was quoted at 7.0367 per U.S. dollar, 0.05% firmer than the previous close of 7.0405.

** So far this year, the Shanghai stock index is up 15.69%, while China’s H-share index is up 3.8%. Shanghai stocks have declined 1.49% this month.

** As of 04:06 GMT, China’s A-shares were trading at a premium of 26.90% over the Hong Kong-listed H-shares (Reporting by Luoyan Liu and John Ruwitch; Editing by Shailesh Kuber)

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