August 8, 2018 / 8:49 AM / 10 months ago

Hong Kong shares rise on tech, energy boost, but trade war caps gains

* Hang Seng index ends up 0.4 pct China Enterprises index HSCE rises 0.3 percent HSI IT sector sub-index rises 1.3 pct; energy sector up 1.6 percent

Aug 8 (Reuters) - Technology and energy shares helped Hong Kong’s broader index close higher on Wednesday, but fears of a worsening and protracted trade war between the United States and China kept investors cautious. ** At close of trade, the Hang Seng index was up 110.26 points or 0.39 percent at 28,359.14. The Hang Seng China Enterprises index rose 0.32 percent to 10,901.18. ** The United States said on Tuesday it would begin collecting 25 percent tariffs on another $16 billion in Chinese goods from Aug. 23. These come after it last month slapped tariffs on $34 billion of goods. ** Stronger-than-expected July export data on Wednesday appeared to show that an earlier round of U.S. tariffs had yet to significantly impact demand for China’s goods.

**The sub-index of the Hang Seng tracking energy shares rose 1.6 percent while the IT sector rose 1.28 percent, the financial sector was 0.09 percent higher and property sector dipped 0.25 percent. ** Energy shares rose as oil firms jumped on concerns over a supply cruch driving up oil and gas prices. China Oilfield Services Ltd gained 10.48 percent.

** Technology shares were boosted by index heavyweight Tencent Holdings Ltd, which gained 1.96 percent. Tencent shares have rallied in recent sessions on a report that Google is in talks with Tencent and other Chinese companies to offer its cloud services in China.

** The top gainer on Hang Seng was Galaxy Entertainment Group Ltd up 4.46 percent, while the biggest loser was Hengan International Group Company Ltd which was down 2.95 percent. ** China’s main Shanghai Composite index closed down 1.23 percent while its blue-chip CSI300 index ended down 1.59 percent. ** Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.4 percent while Japan’s Nikkei index closed down 0.08 percent . ** The yuan was quoted at 6.8321 per U.S. dollar at 08:20 GMT, 0.06 percent weaker than the previous close of 6.8278. ** As of the previous trading session, the Hang Seng index was down 5.58 percent this year, while China’s H-share index was down 7.2 percent. As of the previous close, the Hang Seng has declined 1.17 percent this month. ** The top gainers among H-shares were ZhongAn Online P & C Insurance Co Ltd up 5.26 percent, followed by PetroChina Co Ltd gaining 3.23 percent and PICC Property and Casualty Co Ltd up by 2.68 percent. ** The three biggest H-shares percentage decliners were Great Wall Motor Co Ltd which was down 9.87 percent, Hengan International Group Company Ltd which fell 2.95 percent and China Resources Land Ltd down by 2.14 percent. ** About 1.66 billion Hang Seng index shares were traded, roughly 90.7 percent of the market’s 30-day moving average of 1.83 billion shares a day. The volume traded in the previous trading session was 1.60 billion. ** At close, China’s A-shares were trading at a premium of 16.21 percent over the Hong Kong-listed H-shares. ** The price-to-earnings ratio of the Hang Seng index was 10.86 as of the last full trading day while the dividend yield was 3.3 percent. ** So far this week, the market capitalisation of the Hang Seng index has risen by 2.04 percent to HK$18.30 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 0.39 percent on the day at 4,985.71 points. (Reporting by Andrew Galbraith; Editing by Simon Cameron-Moore)

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