April 24, 2018 / 8:33 AM / a year ago

Hong Kong shares rise as China vows to achieve economic target

SHANGHAI, April 24 (Reuters) - Hong Kong shares rose on Tuesday, after China’s Communist Party said it was determined to achieve this year’s economic targets in the face of rising global trade tensions. ** The Hang Seng index rose 1.3 percent to 30,636.24, while the China Enterprises Index gained 2.0 percent to 12,244.88. **The sub-index of the Hang Seng tracking energy shares rose 1.9 percent, while the IT sector rose 0.68 percent. The financial sector was 1.36 percent higher and the property sector rose 1.58 percent. ** The top gainer on the Hang Seng was China Shenhua Energy Co Ltd up 6.26 percent, while the biggest loser was Hengan International Group Company Ltd which was down 3.67 percent. ** China stocks posted their strongest gains in two months. The blue-chip CSI300 index ended up 2.0 percent at 3,843.49, while the Shanghai Composite Index also climbed 2 percent to 3,128.93. ** Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.12 percent, while Japan’s Nikkei index closed up 0.86 percent. ** The yuan was quoted at 6.3133 per U.S. dollar at 08:17 GMT, 0.05 percent firmer than the previous close of 6.3165. ** As of the previous trading session, the Hang Seng index was up 1.12 percent this year, while China’s H-share index was up 2.5 percent. As of the previous close, the Hang Seng has risen 0.54 percent this month. ** The top gainers among H-shares were China Shenhua Energy Co Ltd up 6.26 percent, followed by Anhui Conch Cement Co Ltd gaining 4.98 percent and Air China Ltd up by 4.17 percent. ** The biggest H-shares percentage decliners include Hengan International Group Company Ltd which was down 3.67 percent, and PICC Property and Casualty Co Ltd which fell 0.2 percent. ** About 1.80 billion Hang Seng index shares were traded, roughly 97.3 percent of the market’s 30-day moving average of 1.84 billion shares a day. The volume traded in the previous trading session was 1.56 billion. ** At close, China’s A-shares were trading at a premium of 22.24 percent over the Hong Kong-listed H-shares. (Reporting by Samuel Shen and John Ruwitch; Editing by Biju Dwarakanath)

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