August 24, 2018 / 7:23 AM / a month ago

China stocks end higher as banks lend support

* Shanghai stocks higher, blue-chip CSI300 index up

* Gains in Shanghai stocks led by Wuhan East Lake High Technology Group Co Ltd

* China’s A-shares at 17.40 pct premium over H-shares

SHANGHAI, Aug 24 (Reuters) - China stocks ended marginally higher on Friday, aided by strength in banking shares.

** The blue-chip CSI300 index ended 0.2 percent higher at 3,325.33 points, while the Shanghai Composite Index closed 0.2 percent firmer at 2,729.43 points. ** For the week, SSEC gained 2.3 percent while the CSI300 was up 3.0 percent. ** Major indexes were down earlier in the day after trade talks between Washington and Beijing ended without any progress. ** U.S. and Chinese officials ended two days of talks on Thursday without any progress. Meanwhile their trade war escalated with activation of another round of duelling tariffs on $16 billion worth of each country’s goods. ** Gains were led by banking sector, up 2.1 percent. ** Ping An Bank rallied as much as 9.8 pct to a more than two-month high; analysts see improvement in profitability and asset quality. ** U.S. fund investors apparently saw a buying opportunity in China despite ongoing trade tensions, adding their most exposure to that market since January, Lipper data for the latest week showed on Thursday. ** Around the region, MSCI’s Asia ex-Japan stock index was weaker by 0.16 percent while Japan’s Nikkei index closed 0.85 percent higher. ** At 07:04 GMT, the yuan was quoted at 6.8826 per U.S. dollar, 0.11 percent weaker than the previous close of 6.8749. ** The largest percentage gainers in the main Shanghai Composite index were Wuhan East Lake High Technology Group Co Ltd up 10.08 percent, followed by Shenzhen Kingdom SCI-Tech Co Ltd, up 10.02 percent, and Anhui Great Wall Military Industry Co Ltd up 10.01 percent. ** The largest percentage losers in the Shanghai index were Gansu Gangtai Holding Group Co Ltd down 10.07 percent, followed by CSSC Offshore & Marine Engineering Group Co Ltd, down 10.03 percent and XINJIANG KORLA PEAR CO LTD, down 10.02 percent. ** So far this year, the Shanghai stock index is down 17.5 percent, the CSI300 has fallen 17.5 percent while China’s H-share index listed in Hong Kong is down 7.9 percent. Shanghai stocks have declined 5.11 percent this month. ** About 10.05 billion shares were traded on the Shanghai exchange, roughly 75.0 percent of the market’s 30-day moving average of 13.41 billion shares a day. The volume in the previous trading session was 9.84 billion. ** As of 07:05 GMT, China’s A-shares were trading at a premium of 17.40 percent over the Hong Kong-listed H-shares. ** The Shanghai stock index is below its 50-day and 200-day moving averages. ** The price-to-earnings ratio of the Shanghai index was 11.79 as of the last full trading day while the dividend yield was 2.8 percent. ** So far this week, the market capitalisation of the Shanghai stock index has risen by 2.19 percent to 28.97 trillion yuan. (Reporting by Shanghai Newsroom)

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