December 21, 2017 / 8:22 AM / a year ago

Hong Kong shares rise on Beijing's pledges on reforms, growth

Dec 21 (Reuters) - Hong Kong shares rose on Thursday, supported by gains in mainland markets as Beijing pledged to deepen structural reforms and curb risks to its financial system while maintaining steady economic growth in 2018.

The pledges came in a statement following China’s annual Central Economic Work Conference.

** At close of trade, the Hang Seng index was up 132.97 points or 0.45 percent at 29,367.06. The Hang Seng China Enterprises index rose 0.79 percent to 11,596.94. **The sub-index of the Hang Seng tracking energy shares rose 1.1 percent while the IT sector rose 0.78 percent, the financial sector was 0.74 percent higher and property sector dipped 0.31 percent . ** The top gainer on Hang Seng was Ping An Insurance Group Co of China Ltd up 2.62 percent, while the biggest loser was Wharf Real Estate Investment Co Ltd, down 1.80 percent. ** China’s main Shanghai Composite index closed up 0.4 percent at 3,300.6818 points while its blue-chip CSI300 index gained 0.93 percent. ** Around the region, MSCI’s Asia ex-Japan stock index was weaker by 0.18 percent while Japan’s Nikkei index closed down 0.11 percent . ** The yuan was quoted at 6.583 per U.S. dollar at 08:07 GMT, 0.08 percent weaker than the previous close of 6.5775. ** So far this year, the Hang Seng index is up 32.88 percent, while China’s H-share index is up 22.5 percent. As of the previous close, the Hang Seng has risen 0.19 percent this month. ** The top gainers among H-shares were Anhui Conch Cement Co Ltd up 3.58 percent, followed by China Communications Construction Co Ltd gaining 2.93 percent and China Vanke Co Ltd up by 2.69 percent. ** The three biggest H-shares percentage decliners were CRRC Corp Ltd which was down 1.50 percent, Air China Ltd which fell 1.4 percent and PICC Property and Casualty Co Ltd down by 0.7 percent. ** About 1.49 billion Hang Seng index shares were traded, roughly 76.3 percent of the market’s 30-day moving average of 1.95 billion shares a day. The volume traded in the previous trading session was 1.35 billion. ** At the close, China’s A-shares were trading at a premium of 30.64 percent over the Hong Kong-listed H-shares. ** The price-to-earnings ratio of the Hang Seng index was 13.33 as of the last full trading day while the dividend yield was 3 percent. ** So far this week, the market capitalisation of the Hang Seng index has risen by 1.30 percent to HK$19.14 trillion. ** The short and one-factor leveraged Hang Seng index, which is designed to replicate the payoff of a short or leveraged portfolio and is linked to the movements of the Hang Seng Index, was lower by 0.46 percent on the day at 5,026.7 points.

Reporting by the Shanghai Newsroom; Editing by Richard Borsuk

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