HK stocks end firmer as signs of trade progress resurface

Hong Kong stocks ended higher on Thursday as signs of progress in the China-U.S. trade negotiations triggered a rally during the final 30 minutes of trading. The Hang Seng index ended up 0.6% at 27,847.23, while the China Enterprises Index closed 0.7% higher at 10,935.89 points. Shares were roughly flat in morning trading, but staged a rally during the final 30 minutes of the session, on news that China and the United States have agreed to cancel tariffs imposed during their months-long trade war in different phases.

China's commerce ministry told in a news conference that Beijing and Washington must simultaneously cancel some tariffs on each other's goods for both sides to reach a "phase one" trade deal. Investors interpret the news as solid progress towards an interim deal. On Wednesday, a senior official of the Donald Trump administration told Reuters that the planned meeting to sign the deal could be delayed until December as discussions continue over terms and venue.