June 5, 2018 / 7:28 AM / 6 months ago

China stocks climb as survey shows steady services growth

* Shanghai stocks higher, blue-chip CSI300 index up

* Gains in Shanghai led by Guodian Nanjing Automation Co

* Losses led by LONGi Green Energy Technology Co

* China’s A-shares are at a 18.61 pct premium over H-shares

SHANGHAI, June 5 (Reuters) - China stocks firmed on Tuesday, after a private survey showed the services sector expanded at a steady pace in May, while pharmaceutical sector gained the most. ** The blue-chip CSI300 index rose 1.0 percent to 3,845.32, while the Shanghai Composite Index ended up 0.7 percent at 3,114.21. ** China’s services sector expanded at a solid pace last month, with companies accelerating hiring on the back of the strongest optimism for future growth in 11 months, the survey showed. ** Sentiment also got a boost after Moody’s Investors Service said China’s economic restructuring is picking up pace, with its manufacturing sector showing signs of a shift to higher value-added areas - a credit positive. ** “If such measures lead to a reallocation of labour and capital resources that shift credit towards sectors with higher productivity growth, it will support the Chinese government’s credit quality by increasing its debt-carrying ability,” Marie Diron, managing director of Moody’s Sovereign Risk Group, said at a conference in Beijing. ** On trade development, China said its door to talks was open in principle, a day after Beijing warned that any trade and business deals reached with Washington would be void if the United States implemented tariffs. ** Sector performance was mixed on Tuesday. Gains were led by pharmaceutical firms, with bellwether Jiangsu Hengrui Medicine ending 5.9 percent higher at a new peak. ** Mainland firms involved in Apple’s supply chain rallied strongly, encouraged by Apple shares hitting their highest ever due to investor bets on its annual developers conference. Zhejiang Crystal-Optech led the climb with a 10 percent rise, while Shenzhen Sunway Communication closed up 9.3 percent. ** Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.12 percent while Japan’s Nikkei index closed up 0.28 percent. ** At 06:59 GMT, the yuan was quoted at 6.4063 per U.S. dollar, 0.06 percent weaker than the previous close of 6.4027. ** The largest percentage gainers in the main Shanghai Composite index were Guodian Nanjing Automation Co Ltd up 10.11 percent, followed by Neusoft Corp gaining 10.04 percent and Zhejiang XinAn Chemical Industrial Group Co Ltd up by 10.03 percent. ** The largest percentage losses in the Shanghai index were LONGi Green Energy Technology Co Ltd down 9.99 percent, followed by Tongwei Co Ltd losing 9.97 percent and Shanxi Coal International Energy Group Co Ltd down by 9.89 percent. ** So far this year, the Shanghai stock index is down 5.8 percent, the CSI300 has fallen 4.6 percent while China’s H-share index listed in Hong Kong is up 4.7 percent. Shanghai stocks have risen 0.61 percent this month. ** As of 07:00 GMT, China’s A-shares were trading at a premium of 18.61 percent over the Hong Kong-listed H-shares. (Reporting by Shanghai Newsroom; Editing by Gopakumar Warrier)

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