April 18, 2018 / 8:28 AM / a month ago

HK stocks end higher as China's RRR cut aids financial shares

* HK->Shanghai Connect daily quota used 31.1 pct

* HSI +0.7 pct, HSCE +0.7 pct, CSI300 +0.5 pct

* Financial shares rise after China said it would cut RRR

April 18 (Reuters) - Hong Kong stocks rose on Wednesday, breaking a four-day losing streak, as China’s surprise cut in banks’ reserve requirement ratios buoyed financial shares.

** The Hang Seng index rose 0.7 percent, to 30,284.25, while the China Enterprises Index also gained 0.7 percent, to 11,986.07 points. ** The financial sector rose nearly 1 percent, after the People’s Bank of China said late on Tuesday it would slash reserve requirement ratios (RRRs) for most banks by 100 basis points (bps), a move analysts say will reduce financing costs for lenders.

**The sub-index of the Hang Seng tracking energy shares rose 1.6 percent while the IT sector rose 0.55 percent, the financial sector was 0.91 percent higher and property sector rose 0.58 percent. ** The top gainer on Hang Seng was AIA Group Ltd up 2.52 percent, while the biggest loser was Geely Automobile Holdings Ltd which was down 2.90 percent. ** Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.59 percent while Japan’s Nikkei index closed up 1.42 percent. ** The yuan was quoted at 6.2844 per U.S. dollar at 08:15 GMT, 0.02 percent firmer than the previous close of 6.2855. ** As of the previous trading session, the Hang Seng index was up 0.48 percent this year, while China’s H-share index was up 1.6 percent. As of the previous close, the Hang Seng has declined 0.1 percent this month. ** The top gainers among H-shares were China Vanke Co Ltd up 4.08 percent, followed by China Merchants Bank Co Ltd gaining 3.13 percent and Anhui Conch Cement Co Ltd up by 2.47 percent. ** The three biggest H-shares percentage decliners were Guangzhou Automobile Group Co Ltd which was down 10.94 percent, Byd Co Ltd which fell 4.2 percent and Dongfeng Motor Group Co Ltd down by 3.9 percent. ** About 2.06 billion Hang Seng index shares were traded, roughly 112.1 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 1.98 billion. ** At close, China’s A-shares were trading at a premium of 22.64 percent over the Hong Kong-listed H-shares. ** The price-to-earnings ratio of the Hang Seng index was 12.32 as of the last full trading day while the dividend yield was 3.2 percent. (Reporting by the Shanghai Newsroom Editing by Jacqueline Wong)

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