Hong Kong stocks climb on financial opening, easing trade tensions

China Resources Gas

08/05/2020 09:44

* HK->Shanghai Connect daily quota used 4%, Shanghai->HK
daily
quota used -1.4%
    * HSI +1.0%, HSCE +1.1%, CSI300 +1.0%
    * FTSE China A50 +0.9%

    May 8 (Reuters) - Hong Kong stocks rose on Friday, in line
with gains on the mainland, as investors cheered Beijing opening
up its financial markets further to foreign investors and talks
between U.S. and Chinese trade officials. 
    ** China finalised rules on Thursday that would scrap quotas
under two major inbound investment schemes, giving qualified
foreign institutions unlimited access to Chinese stocks and
bonds.  urn:newsml:reuters.com:*:nL4N2CP4DT 
    ** The Hang Seng index  .HSI  closed up 249.54 points or
1.04% at 24,230.17. The Hang Seng China Enterprises index
 .HSCE  rose 1.07% to 9,868.34. For the week, HSI and HSCE both
shed 1.7%. 
    ** Adding to the upbeat mood, top U.S. and Chinese trade
representatives discussed their Phase 1 trade deal on Friday,
with China saying they agreed to improve the atmosphere for its
implementation and the United States saying both sides expected
obligations to be met.   urn:newsml:reuters.com:*:nL4N2CQ0RT 
    ** The Hang Seng index could remain rangebound around the
24,000-point level, given a lack of clear direction in the
market due to concerns over the coronavirus outbreak, economic
growth and tariffs, analysts at brokerage Guodu International
noted in report. 
    ** The sub-index of the Hang Seng tracking energy shares
 .HSCIE  rose 1.3%, the IT sector  .HSCIIT  rose 2.7%, the
financial sector  .HSNF  ended 0.65% higher and the property
sector rose 0.93%.
    ** China's main Shanghai Composite index  .SSEC  closed up
0.83% at 2,895.34 points, while the blue-chip CSI300 index
 .CSI300  ended up 0.99%.
    ** Around the region, MSCI's Asia ex-Japan stock index
 .MIAPJ0000PUS  was firmer by 1.1%, while Japan's Nikkei index
 .N225  closed up 2.56%.
    ** The yuan  CNY=CFXS  was quoted at 7.0776 per U.S. dollar
at 0814 GMT, 0.1% firmer than the previous close of 7.085. 
    ** At close, China's A-shares were trading at a premium of
27.01% over Hong Kong-listed H-shares.

 (Reporting by the Shanghai Newsroom)
 ((luoyan.liu@thomsonreuters.com; Reuters Messaging:
luoyan.liu.thomsonreuters.com@reuters.net))