October 17, 2019 / 4:38 AM / 2 months ago

Hong Kong stocks hit one-month high on stimulus hopes; China roughly flat

* SSEC 0.0%, CSI300 0.1%, HSI 0.7%

* HK->Shanghai Connect daily quota used 0.8%

* Shanghai->HK daily quota used 1.6%

* FTSE China A50 +0.3%

SHANGHAI, Oct 17(Reuters) - Hong Kong stocks rose on Thursday to their highest in a month, on hopes that more stimulative measures would be rolled out to bolster the island city’s growth amid months-long protests.

** The Hang Seng index added 0.7%, to 26,862.65 points, while the Hong Kong China Enterprises index gained 0.4%, to 10,574.09 points.

** Nine major banks in Hong Kong have agreed to adopt a number of measures to support small and medium enterprises in Hong Kong, the central bank said on Wednesday, as four months of anti-government protests start taking its toll on local businesses.

** That came after Hong Kong’s central bank cut banks’ capital buffer to support the faltering economy on Tuesday.

** Hong Kong leader Carrie Lam had to abandon her policy speech because of jeering lawmakers on Wednesday, but later offered no direct olive branch to pro-democracy protesters, hoping instead to ease resentment by building more public housing.

** Analysts believe signs of progress in the Sino-U.S. trade talks helped lift risk appetite in the short-term.

** U.S. and Chinese trade negotiators are working on nailing down a Phase 1 trade deal text for their presidents to sign next month, U.S. Treasury Secretary Steven Mnuchin said on Wednesday, adding he was prepared to travel to Beijing for more meetings if necessary.

** Positive signs of a potential Brexit deal also boosted sentiment, with investors welcoming optimistic comments from key officials in the last few days.

** Leading gains, the property sub-index advanced as much as 1.9% to its highest since Sept. 11.

** On the mainland, major indexes barely moved as investors await more details on a potential Sino-U.S. trade deal.

** The CSI300 index rose 0.1%, to 3,927.54 points at the end of the morning session, while the Shanghai Composite index was unchanged at 2,978.85 points.

** Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.10%, while Japan’s Nikkei index was up 0.04%.

** The yuan was quoted at 7.0984 per U.S. dollar, 0.05% weaker than the previous close of 7.095.

** So far this year, the Shanghai stock index is up 19.44%, while China’s H-share index is up 4.00%. Shanghai stocks have risen 2.53% this month.

** About 6.70 billion shares have traded so far on the Shanghai exchange, roughly 36.1% of the market’s 30-day moving average of 18.56 billion shares a day. The volume traded was 14.99 billion as of the last full trading day.

** As of 04:16 GMT, China’s A-shares were trading at a premium of 29.49% over the Hong Kong-listed H-shares. (Reporting by Luoyan Liu and Andrew Galbraith; Editing by Shounak Dasgupta)

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