March 9, 2018 / 9:03 AM / in 3 months

HK stocks rise as hopes of N.Korea talks offset China slowdown fears

* Hang Seng index ends 1.1 pct higher China Enterprises index HSCE rises 0.8 pct HSI financial sector sub-index up 0.9 pct

* Property sector up 1 pct

March 9 (Reuters) - Hong Kong stocks gained on Friday, as optimism over the new entente between North Korean leader Kim Jong Un and U.S. President Donald Trump offset concerns about China’s slower economic growth and the impact of U.S. tariffs.

** The Hang Seng index rose 1.1 percent to 30,996.21 while the China Enterprises Index gained 0.8 percent to 12,431.20 points. ** Kim has committed to “denuclearisation” and offered to hold the first-ever U.S.-North Korea summit, marking a potentially dramatic breakthrough in the North Korea nuclear standoff.

** Investors shrug off news that China’s producer price inflation eased to the slowest pace in 15 months in February, pointing to a potential softening in industrial sector profits. ** People’s Bank of China governor Zhou Xiaochuan on Friday said the country will rely less on stimulus to boost the economy in the future. **The sub-index of the Hang Seng tracking energy shares rose 0.9 percent while the IT sector rose 1.19 percent, the financial sector was 0.9 percent higher and property sector rose 0.95 percent. ** The top gainer on Hang Seng was Sunny Optical Technology Group Co Ltd up 7.47 percent while the biggest loser was Hang Lung Properties Ltd, down 0.95 percent. ** Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.65 percent while Japan’s Nikkei index closed up 0.47 percent. ** The yuan was quoted at 6.3348 per U.S. dollar at 08:22 GMT, 0.05 percent firmer than the previous close of 6.3378. ** The top gainers among H-shares were PICC Property and Casualty Co Ltd up 3.87 percent, followed by Air China Ltd, up 2.41 percent and People’s Insurance Group of China Co Ltd, up 2.37 percent. ** The three biggest H-shares percentage losers were CGN Power Co Ltd, down 0.91 percent, Dongfeng Motor Group Co Ltd , down 0.8 percent and Huaneng Power International Inc , down 0.6 percent. ** About 1.52 billion Hang Seng index shares were traded, roughly 55.7 percent of the market’s 30-day moving average of 2.72 billion shares a day. The volume traded in the previous trading session was 1.58 billion. ** At close, China’s A-shares were trading at a premium of 28.19 percent over the Hong Kong-listed H-shares. ** The price-to-earnings ratio of the Hang Seng index was 13.2 as of the last full trading day while the dividend yield was 2.8 percent. (Reporting by Samuel Shen and John Ruwitch; Editing by Vyas Mohan)

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