Hong Kong Market rise 0.52%

Headline indices of the Hong Kong share market closed firmer in volatile trade on Monday, 06 August 2018, on following the gains on Wall Street Friday, with shares of banks and financial companies leading rally. At closing bell, the Hang Seng Index inclined 143.24 points or 0.52% to 27,819.56. The Hang Seng China Enterprises Index added 8.17 points or 0.08% to 10,701.96. The sub-index of the Hang Seng tracking Utilities shares rose 1.7%, the Commerce & Industry sector rose 0.2%, and the financial sector was 0.7% up, while properties sector fell 0.1%.

Among heavyweight stocks, Tencent (00700) gained 0.9% to HK$353. CCB (00939) put on 0.7% to HK$7. HKEX (00388) was unchanged at HK$224 after CICC's target price downgrade to HK$310. China Mobile (00941) edged up 0.4% to HK$69.1. AIA (01299) shot up 2.1% to HK$67.6.

Shares of banks and fiancials closed higher, with HSBC (00005) up 0.5% to HK$72.65 as its interim earnings report was inline with Goldman Sachs expectations. Standard Chartered (02888) gained 0.7% to HK$69.75 after reported its pre-tax interim net, which came in better than market expectations. BOCHK (02388) rose 1.6% to HK$37.55, Bank of East Asia (00023) gained 1% to HK$30.55. CCB (00939) rose 0.4% to HK$6.98. ICBC (01398) was up 0.7% to HK$5.75. BankComm (03328) rose 0.9% to HK$5.61. ABC (01288) ascended 0.8% to HK$3.79.

OFFSHORE MARKET NEWS, US stock market closed higher on Friday as traders digested the Labor Department's closely watched monthly jobs report showing weaker than expected job growth in July, partly due to a drop in government employment and the closing of Toys "R" Us stores. The report also showed a modest decrease in the unemployment rate. The Nasdaq inched up 9.33 points or 0.1% to 7,812.01, the Dow climbed 136.42 points or 0.5% at 25,462.58 and the S&P 500 rose 13.13 points or 0.5% to 2,840.35.

The major European markets also closed higher on Friday. The U.K.'s FTSE 100 Index jumped by 1.1%, the German DAX Index advanced by 0.6% and the French CAC 40 Index rose by 0.3%.

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