* HK->Shanghai Connect daily quota used 4%, Shanghai->HK daily quota used -1.4%
* 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.
** The Hang Seng index closed up 249.54 points or 1.04% at 24,230.17. The Hang Seng China Enterprises index 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.
** 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 rose 1.3%, the IT sector rose 2.7%, the financial sector ended 0.65% higher and the property sector rose 0.93%.
** China’s main Shanghai Composite index closed up 0.83% at 2,895.34 points, while the blue-chip CSI300 index ended up 0.99%.
** Around the region, MSCI’s Asia ex-Japan stock index was firmer by 1.1%, while Japan’s Nikkei index closed up 2.56%.
** The yuan 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)