HK stocks end higher on US-China trade deal optimism

23-Oct-2019 Intellasia | Reuters | 6:02 AM Print This Post

* HK->Shanghai Connect daily quota used 1.3 percent, Shanghai->HK daily quota used 0.1 percent

* HSI +0.2 percent, HSCE -0.2 percent, CSI300 +0.4 percent

* FTSE China A50 +0.1 percent

Hong Kong stocks closed higher on Tuesday as investors cheered the prospects of a Sino-US trade deal, though losses in tech and real estate stocks capped gains.

** The Hang Seng index rose 0.2 percent, to 26,786.20, while the China Enterprises Index lost 0.2 percent, to 10,526.86.

** China and the United States have achieved some progress in their trade talks, vice Foreign minister Le Yucheng said on Tuesday, and any problem could be resolved as long as both sides respected each other.

** US President Donald Trump sounded upbeat on a China deal on Monday, while White House adviser Larry Kudlow said tariffs on Chinese goods scheduled for December could be withdrawn if talks go well.

** The Hang Seng IT and telecoms indexes closed down 0.6 percent and 1.0 percent, while the properties index lost 0.7 percent.

** Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.36 percent, while Japan’s Nikkei index closed up 0.25 percent.

** The yuan was quoted at 7.0821 per US dollar at 08:16 GMT, 0.1 percent weaker than the previous close of 7.075.

** The top gainers among H-shares were Geely Automobile Holdings Ltd up 4.69 percent, followed by Haitong Securities Co Ltd, gaining 1.59 percent and Shenzhou International Group Holdings Ltd, up by 1.52 percent.

** The three biggest H-shares percentage decliners were China Resources Land Ltd, which was down 7.88 percent, Longfor Group Holdings Ltd, which fell 4.41 percent and China Resources Beer Holdings Co Ltd, down by 2.81 percent.

** At close, China’s A-shares were trading at a premium of 29.31 percent over Hong Kong-listed H-shares.


Category: Hong Kong

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