June 1, 2018 / 9:04 AM / a year ago

Hong Kong shares inch higher as Italian political crisis fears recede

* Hang Seng index ends 0.1 pct higher

* China Enterprises index HSCE rises 0.4 pct

* HSI financial sector sub-index is largely flat; property sector up 0.7 pct

SHANGHAI, June 1 (Reuters) - Hong Kong shares rose slightly on Friday as fears over a political crisis in Italy eased.

** The Hang Seng index rose 0.1 percent, to 30,492.91, while the China Enterprises Index gained 0.4 percent, to 12,020.09 points.

** Italy’s anti-establishment parties revived coalition plans on Thursday, in an apparent end to three months of political turmoil. ** The sub-index of the Hang Seng tracking energy shares rose 1.5 percent while the IT sector rose 0.76 percent, the financial sector was 0.14 percent lower and property sector rose 0.65 percent. ** The top gainer on Hang Seng was CNOOC Ltd, up 3.79 percent, while the biggest loser was Sands China Ltd, which was down 4.15 percent. ** Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.22 percent, while Japan’s Nikkei index closed down 0.14 percent. ** The yuan was quoted at 6.4177 per U.S. dollar at 08:45 GMT, 0.17 percent weaker than the previous close of 6.407. ** As of the previous trading session, the Hang Seng index was up 1.84 percent this year, while China’s H-share index was up 2.3 percent. As of the previous close, the Hang Seng has declined 1.1 percent this month. ** The top gainers among H-shares were Guangdong Investment Ltd up 4.99 percent, followed by CNOOC Ltd gaining 3.79 percent and China Gas Holdings Ltd up by 3.38 percent. ** The three biggest H-shares percentage decliners were Huaneng Power International Inc which was down 2.81 percent, New China Life Insurance Co Ltd which fell 1.5 percent and Postal Savings Bank of China Co Ltd down by 0.9 percent. ** About 2.86 billion Hang Seng index shares were traded, roughly 167.6 percent of the market’s 30-day moving average of 1.71 billion shares a day. The volume traded in the previous trading session was 4.24 billion. ** At close, China’s A-shares were trading at a premium of 18.64 percent over the Hong Kong-listed H-shares. ** The price-to-earnings ratio of the Hang Seng index was 12.12 as of the last full trading day while the dividend yield was 3.2 percent. (Reporting by the Shanghai Newsroom; Editing by Amrutha Gayathri)

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