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Hong Kong stocks end higher as tech lends support

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[SHANGHAI] Hong Knog stocks ended higher, led by information technology firms tracking a tech rally on the Wall Street, even as investors cheered some headway in Sino-US trade negotiations.

The Hang Seng index rose 0.3 per cent to 28,594.30, while the China Enterprises Index gained 0.7 per cent to 10,930.36.

Top US and Chinese negotiators will meet face-to-face next week for the first time since US President Donald Trump and China President Xi Jinping agreed to revive talks to end their year-long trade war.

The governments of the world's largest economies have levied billions of dollars of tariffs on each other's imports, disrupting global supply chains and shaking financial markets in their dispute over how China does business with the rest of the world.

Sector performance was mixed. Leading the gains, the Hang Seng IT index climbed 1.6 per cent, with gaming giant Tencent ending up 1.9 per cent at an over two-month high.

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Around the region, MSCI's Asia ex-Japan stock index was firmer by 0.28 per cent, while Japan's Nikkei index closed up 0.22 per cent.

The yuan was quoted at 6.8751 per US dollar at 08.18 GMT, 0.03 per cent weaker than the previous close of 6.873.

The top gainers among H-shares were CSPC Pharmaceutical Group Ltd up 6.15 per cent, followed by China Merchants Bank Co Ltd, gaining 3.67 per cent and China Pacific Insurance Group Co Ltd, up by 2.29 per cent.

The three biggest H-shares percentage decliners were China Resources Land Ltd, which was down 1.00 per cent, Shenzhou International Group Holdings Ltd, which fell 0.80 per cent and China Mobile Ltd, down by 0.73 per cent.

About 1.00 billion Hang Seng index shares were traded, roughly 72.5 per cent of the market's 30-day moving average of 1.39 billion. The volume traded in the previous trading session was 1.11 billion.

At close, China's A-shares were trading at a premium of 28.13 per cent over Hong Kong-listed H-shares. 

REUTERS

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