March 9, 2018 / 4:41 AM / 3 months ago

China, Hong Kong stocks up as Trump agrees to meet North Korea's Kim

* HK->Shanghai Connect daily quota used 4.5 pct

* Shanghai->HK daily quota used 4 pct

* FTSE China A50 +0.2 pct, BNY Mellon ADR China Select Index +0.6 pct

SHANGHAI, March 9 (Reuters) - China and Hong Kong stocks firmed Friday morning, after U.S. President Donald Trump agreed to meet North Korean leader Kim Jong Un, and as investors pondered the impact of U.S. tariffs on steel and aluminium. ** Chinese H-shares listed in Hong Kong rose 0.57 percent at 12,405.49, while the Hang Seng Index was up 0.85 percent at 30,914.86. ** At 04:13 GMT, the Shanghai Composite index was up 4.55 points, or 0.14 percent, at 3,292.96, while blue-chip CSI300 index was up 0.33 percent at 4,909.97. ** Trump said on Thursday he was prepared to meet Kim Jong Un for the first U.S.-North Korea summit, marking a potentially dramatic breakthrough in nuclear tensions with Pyongyang. ** On the same day, Trump pressed ahead with import tariffs of 25 percent on steel and 10 percent for aluminium but exempted Canada and Mexico and offered the possibility of excluding other allies, backtracking from an earlier “no-exceptions” stance. ** “The tariffs will cover less than 2% of U.S. imports. It’s a far cry from over 20,000 imported goods being hit by an average 19% tariff hike under the Smoot-Hawley Act of 1930,” said Shane Oliver, head of investment strategy and chief economist from AMP Capital, in a note. ** China’s commerce ministry said on Friday that it “resolutely opposed” a move by Trump to impose tariffs on steel and aluminium imports and called for the United States to withdraw the measures as quickly as possible. ** China’s steel and metals associations called on Friday for Beijing to retaliate against U.S. tariffs on aluminium and steel imports, as a widely read tabloid said the country will not be bullied by threats of a trade war with the world’s top economy. ** An index tracking major materials firms, including steel and aluminium makers, was down 0.8 percent by the lunch break, as traders and analysts saw limited impact from the tariffs. ** Elsewhere, there was muted reaction to data showing China’s producer price inflation eased to the slowest pace in 15 months in February, as the cost of raw materials and other inputs rose at a milder pace. ** The smaller Shenzhen index was up 0.91 percent and the start-up board ChiNext Composite index was higher by 2.19 percent. ** Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.60 percent while Japan’s Nikkei index was up 0.80 percent. ** The yuan was quoted at 6.3436 per U.S. dollar, 0.09 percent weaker than the previous close of 6.3378. ** The largest percentage gainers in the main Shanghai Composite index were Beijing Dynamic Power Co Ltd up 10.1 percent, followed by Xinjiang Bai Hua Cun Co Ltd gaining 10.05 percent and Shanghai U9 Game Co Ltd up by 10 percent. ** The largest percentage losses in the Shanghai index were Guangdong Hec Technology Holding Co Ltd down 6.2 percent, followed by Liuzhou Iron & Steel Co Ltd losing 3.84 percent and Baoshan Iron & Steel Co Ltd down by 3.62 percent. ** The top gainers among H-shares were CSPC Pharmaceutical Group Ltd up 3.43 percent, followed by Air China Ltd gaining 3.15 percent and PICC Property and Casualty Co Ltd up by 2.71 percent. ** The three biggest H-shares percentage decliners were Huaneng Power International Inc which has fallen 1.71 percent, CGN Power Co Ltd which has lost 1.4 percent and Dongfeng Motor Group Co Ltd down by 0.9 percent. ** As of 04:13 GMT, China’s A-shares were trading at a premium of 27.70 percent over the Hong Kong-listed H-shares.

Reporting by Samuel Shen and John Ruwitch; Editing by Gopakumar Warrier

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