Hong Kong Market gains ahead of Lunar New Year holiday

Headline indices of the Hong Kong share market closed shortened trading session higher on Monday, 04 February 2019, ahead of the three-day Lunar New Year Holiday, with sentiments underpinned on mildly positive data on the Chinese economy and optimism over the US economy following stronger-than-expected US jobs data that also saw Wall Street shares ended mostly higher last Friday. At closing bell, the Hang Seng Index added 59.47 points or 0.21% to 27,990.21. The Hang Seng China Enterprises Index fell 27.52 points or 0.25% to 11,036.42. The local market will close on 5-7 February for holidays and reopens on 8 February.

China's services sector maintained a solid pace of expansion in January even though growth moderated slightly, a private survey showed on Sunday.

U.S. jobs growth surged in January, with employers hiring the most workers in 11 months, pointing to underlying strength in the economy despite an uncertain outlook that has left the Federal Reserve wary about more interest rate hikes this year.

Blue chips were mixed. HSBC (00005) edged down 0.2% to HK$65.95. HKEX (00388) nudged up 0.1% to HK$243.8. China Mobile (00941) added 0.3% to HK$83.4. Tencent (00700) edged down 0.1% to HK$347.6.

Property counters saw profit-taking selling in the early trade and then rebounded. Richly Field China (00313) surged 12% to HK$0.055. Sun Hung Kai Properties (00016) edged up 0.3% to HK$130.4. Sino Land (00083) inched up 0.1% to HK$13.94 China Resources Land (01109) dipped 1.6% to HK$29.85.

AIA (01299) soared 3.6% to HK$72.45 after the insurer said its Beijing branch has received approval to operate in Tianjin and Shijiazhuang.

Hong Kong International Construction Investment Management dropped 5.9% to HK$2.25, after the company, a unit of the debt-laden HNA Group, said on Friday it would sell a last plot of land at Hong Kong's former airport in Kai Tak for a loss, reflecting the slowdown in the city's residential property market.

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