June 6, 2018 / 8:40 AM / in 2 months

HK stocks up fifth straight session; investors eye Sino-U.S. trade developments

* Hang Seng index ends up 0.5 pct

* China Enterprises index rises 0.2 percent

* HSI financial sector sub-index flat; property sector up 0.2 pct

June 6 (Reuters) - Hong Kong shares ended higher on Wednesday, clocking a fifth straight session of gains, with investors keeping an eye on the latest developments in Sino-U.S. trade talks.

** The Hang Seng index rose 0.5 percent, to 31,259.10, while the China Enterprises Index gained 0.2 percent, to 12,283.58 points.

** 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.

** In another sign China and the U.S. are working to avoid escalation in trade tensions, U.S. President Donald Trump planned to meet with his trade advisers on Tuesday to discuss China’s offer to import an extra $70 billion of American goods over a year as a way to defuse a potential trade war between the world’s two largest economies.

** The sub-index of the Hang Seng tracking energy shares rose 0.7 percent while the IT sector rose 1.53 percent, the financial sector was 0.25 percent higher and the property sector rose 0.17 percent. ** The top gainer on Hang Seng was AAC Technologies Holdings Inc up 9.28 percent, while the biggest loser was China Resources Land Ltd, which was down 1.42 percent. ** Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.63 percent while Japan’s Nikkei index closed up 0.38 percent. ** The yuan was quoted at 6.3967 per U.S. dollar at 08:24 GMT, 0.06 percent firmer than the previous close of 6.4008. ** As of the previous trading session, the Hang Seng index was up 3.92 percent this year, while China’s H-share index was up 4.7 percent. As of the previous close, the Hang Seng has risen 2.05 percent this month. ** The top gainers among H-shares were ZhongAn Online P & C Insurance Co Ltd up 3.86 percent, followed by Air China Ltd gaining 3.83 percent and PetroChina Co Ltd up by 2.98 percent. ** The three biggest H-shares percentage decliners were Shenzhou International Group Holdings Ltd which was down 1.50 percent, China Resources Land Ltd which fell 1.4 percent and China Vanke Co Ltd down by 1.4 percent. ** About 1.51 billion Hang Seng index shares were traded, roughly 85.9 percent of the market’s 30-day moving average of 1.76 billion shares a day. The volume traded in the previous trading session was 1.78 billion. ** At close, China’s A-shares were trading at a premium of 18.11 percent over the Hong Kong-listed H-shares. ** The price-to-earnings ratio of the Hang Seng index was 12.58 as of the last full trading day while the dividend yield was 3 percent. (Reporting by the Shanghai Newsroom; Editing by Sunil Nair)

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