November 15, 2018 / 7:40 AM / 9 months ago

China stocks rise on hopes for trade talks

* SSEC +1.4 pct, CSI300 +1.2 pct

* China delivers written response to U.S. on trade war demands

* Financial sector sub-index up 1.5 pct

SHANGHAI, Nov 15 (Reuters) - China shares jumped on Thursday after Beijing delivered a written response to U.S. trade demands, raising hopes for new negotiations between the countries, and as financial and securities companies benefited from policy support for markets.

** At the close, the Shanghai Composite index was 1.4 percent higher at 2,668.17. The blue-chip CSI300 index rose 1.2 percent to 3,242.37. ** The blue-chip CSI300 index rose 1.17 percent, with its financial sector sub-index higher by 1.5 percent, the consumer staples sector up 0.67 percent, the real estate index up 1.13 percent and the healthcare sub-index up 0.3 percent. ** China has delivered a written response to U.S. demands for wide-ranging trade reforms in a move that could trigger negotiations to bring an end to a withering trade war between the world’s top economies. ** A sub-index tracking real estate firms gained 1.13 percent as new data showed that average new home prices in China’s 70 major cities rose 1.0 percent in October despite slowing investment, led by gains in smaller cities. ** But a Reuters analysis of the earnings of 1,950 firms listed in Shanghai and Shenzhen showed that they managed a combined net profit rise of just 3.9 percent in the third quarter, compared with jumps of 20-55 percent seen in each quarter for the past two years in a warning sign for economic growth. ** Shares in Hainan-based firms rallied after Beijing approved proposals to promote southern provinces as part of efforts to boost the economy. Food producer and coal miner Sundiro Holding and iron ore miner Hainan Mining jumped by the 10 percent daily limit. ** The smaller Shenzhen index ended up 1.45 percent and the start-up board ChiNext Composite index was higher by 1.41 percent. ** Around the region, MSCI’s Asia ex-Japan stock index was firmer by 1 percent, while Japan’s Nikkei index closed down 0.2 percent. ** At 07:15 GMT, the yuan was quoted at 6.9343 per U.S. dollar, 0.23 percent firmer than the previous close of 6.95. ** The largest percentage gainers in the main Shanghai Composite index were China Hi-Tech Group Co Ltd, up 10.08 percent, followed by Ginwa Enterprise Group Inc, gaining 10.04 percent and Shanghai Shibei Hi-Tech Co Ltd , up by 10.04 percent. ** The largest percentage losses in the Shanghai index were Shanghai Sunglow Packaging Technology Co Ltd Co Ltd down 8.66 percent, followed by Nanjing Chixia Development Co Ltd losing 5.21 percent and Harbin Gong Da High-Tech Enterprise Development Co Ltd down by 5.11 percent. ** So far this year, the Shanghai stock index is down 19.3 percent, the CSI300 has fallen 19.6 percent while China’s H-share index listed in Hong Kong is down 10.3 percent. Shanghai stocks have risen 2.51 percent this month. ** About 20.78 billion shares were traded on the Shanghai exchange, roughly 126.5 percent of the market’s 30-day moving average of 16.43 billion shares a day. The volume in the previous trading session was 23.84 billion. ** As of 07:16 GMT, China’s A-shares were trading at a premium of 18.25 percent over the Hong Kong-listed H-shares. ** The Shanghai stock index is above its 50-day moving average and below its 200-day moving average. ** The price-to-earnings ratio of the Shanghai index was 10.97 as of the last full trading day, while the dividend yield was 2.9 percent. ** So far this week, the market capitalisation of the Shanghai stock index has risen by 1.29 percent to 28.16 trillion yuan. (Reporting by Andrew Galbraith; Editing by Gopakumar Warrier)

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