Hong Kong Stocks gain 0.5%

Headline indices of the Hong Kong share market were up on Wednesday, 10 October 2018, as investors continued hunting battered stocks. However, market gains were limited, amid mounting concerns over slowing Chinese growth and the impact of an escalating Sino-U.S. trade war. Around late afternoon trade, the Hang Seng Index grew 137.05 points or 0.52% to 26,309.96. The Hang Seng China Enterprises Index added 56.05 points or 0.54% to 10,476.67. The sub-index of the Hang Seng tracking the Commerce & Industry sector added 0.6%, properties sector rose 0.2%, financial sector jumped 0.5%, and Utilities sector added 1.1%.

Property shares fell after Chief Executive Carrie Lam delivered her 2018 Policy Address in late morning. The HK Government has decided to commence immediately a study on phased reclamation near Kau Yi Chau and Hei Ling Chau for the construction of artificial islands with a total area of about 1,700 hectares. New World Development (00017) and Wheelock and Company (00020) dipped 1.1% to HK$10.4 and HK$44.55. Henderson Land (00012) softened 0.8% to HK$38.6. CK Asset Holdings (01113) and Sun Hung Kai Properties (00016) edged down 0.5% to HK$56.3 and HK$109. HKR International (00480) soared 5.4% to HK$4.28.

Geely Automobile (00175) jumped 3.7% to HK$13.9 on reports that the company and Daimler AG are in talks to set up a joint venture to offer ride-hailing and car-sharing services in China.

Want Want China (00151) plunged 7% to HK$5.69 becoming the worst performing blue chip after Credit Suisse's downgrade and target price chop.

OFFSHORE MARKET NEWS, US stock market closed mixed on Tuesday, as investors worried about global growth prospects. The Dow Jones Industrial Average dipped 56.21 points or 0.2% to 26,430.57 and the S&P 500 edged down 4.09 points or 0.1% to 2,880.34. The tech-heavy Nasdaq inched up 2.07 points to 7,738.02

The major European markets ended higher on Tuesday. The German DAX Index and the French CAC 40 Index rose by 0.3% and 0.4%, respectively. The U.K.'s FTSE 100 Index inched up by 0.1%.

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