June 6, 2018 / 4:28 AM / 2 months ago

Tech firms lead Hong Kong stocks higher; China down

* SSEC -0.2 pct, CSI300 -0.2 pct, HSI 0.5 pct

* HK->Shanghai Connect daily quota used 2 pct, Shanghai->HK daily quota used -0.2 pct

* FTSE China A50 -0.4 pct, BNY Mellon ADR China Select Index +0.9 pct

SHANGHAI, June 6 (Reuters) - Hong Kong stocks rose on Wednesday, and were set for a fifth straight session of gains, as technology stocks climbed tracking overnight gains on Wall Street. ** The Hang Seng index added 0.5 percent to 31,234.46 points, while the Hong Kong China Enterprises Index gained 0.3 percent to 12,298.17 points. ** Information technology firms were higher, with bellwether AAC Technologies Holdings gaining 7.1 percent. ** Overnight, the Nasdaq closed at a record high for a second day on Tuesday, aided by technology and consumer discretionary shares amid an upbeat outlook for the U.S. economy. ** Technology shares in China were also boosted by the latest developments regarding the ban on ZTE Corp. ** ZTE Corp has signed an agreement in principle that would lift a U.S. Commerce Department ban on buying from U.S. suppliers, allowing China’s No. 2 telecommunications equipment maker to get back into business, according to sources familiar with the matter. ** Separately, six Chinese mutual funds will be launched as early as next Monday, potentially channelling hundreds of billions of yuan from investors into domestic flotation of overseas-listed Chinese tech giants, the Shanghai Securities News reported on Wednesday. ** On the mainland, major indexes slipped as gains in transport and materials were offset by losses in banking and real estate stocks. ** The CSI300 index fell 0.2 percent to 3,839.38 points at the end of the morning session, while the Shanghai Composite Index lost 0.2 percent, to 3,109.61 points. ** Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.53 percent, while Japan’s Nikkei index was up 0.35 percent. ** The yuan was quoted at 6.3951 per U.S. dollar, 0.09 percent firmer than the previous close of 6.4008. ** The largest percentage gainers on the main Shanghai Composite index were Hangzhou Advance Gearbox Group Co Ltd up 10.04 percent, followed by Shanghai Shine-Link International Logistics Co Ltd gaining 10.02 percent and China Science Publishing & Media Ltd up by 10 percent. ** The largest percentage losers on the Shanghai index were Gansu Gangtai Holding Group Co Ltd down 6.93 percent, followed by Shanxi Coal International Energy Group Co Ltd losing 6.34 percent and Jiangsu Safety Wire Rope Co Ltd down by 5.66 percent. ** The top gainers among H-shares were ZhongAn Online P & C Insurance Co Ltd up 3.96 percent, followed by Air China Ltd gaining 2.8 percent and China Shenhua Energy Co Ltd up by 2.39 percent. ** The three biggest H-shares percentage decliners were China Vanke Co Ltd which fell 2.35 percent, GF Securities Co Ltd which lost 1.3 percent and Hengan International Group Company Ltd down by 1.2 percent. ** About 6.76 billion shares have traded so far on the Shanghai exchange, roughly 50.3 percent of the market’s 30-day moving average of 13.43 billion shares a day. The volume traded was 11.87 billion as of the last full trading day. ** As of 04:05 GMT, China’s A-shares were trading at a premium of 17.96 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 13.36 as of the last full trading day, while the dividend yield was 2.4 percent.

Reporting by Luoyan Liu and John Ruwitch; Editing by Biju Dwarakanath

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