Hong Kong Stocks trade mixed

Headline shares of the Hong Kong market were mixed on Tuesday, 16 October 2018, as higher Asian stocks encouraged investors to buy back issues after the sharp fall a day earlier. However, continuing uncertainty over U.S.-China trade relations and increasing geopolitical tensions between Saudi Arabia and the international community restricted gains. Around late afternoon, the Hang Seng Index fell 87.25 points or 0.34% to 25,357.81. The Hang Seng China Enterprises Index added 17.28 points or 0.17% to 10,161.62. The sub-index of the Hang Seng tracking the Commerce & Industry sector fell 0.4%, properties sector dropped 0.5%, and financial sector shed 0.5%, while Utilities sector added 0.03%.

Shares of Chinese banks rose as China's CPI and PPI for September came in in-line with market expectations, and Renminbi snapped a 10-day decline.. ICBC (01398) rose 0.4% to HK$5.18. CM Bank (03968) shot up 1.7% to HK$29.4. BOC (03988) edged down 0.3% to HK$3.24. ABC (01288) nudged up 0.3% to HK$3.5.

Shares of Chinese insurers gained. China Life (02628) gained 1% to HK$17.02after saying accumulated premium income for the nine months ended September rose 4.1% on-year. China Taiping (00966) rose 1.6% to HK$25.2. PICC Group (01339) added 0.9% to HK$3.58. Ping An (02318) was flat at HK$73.25.

Shares of energy producers gained, inline with jump in crude oil prices. Brent crude futures were up 0.3% to $81.02 a barrel amid tensions between Saudi Arabia and the U.S. after a Saudi journalist, who was critical of Riyadh, disappeared earlier this month. CNOOC and PetroChina rose 2.2% and 1.3%, respectively. China Coal Energy jumped 3.1% after saying expects its net profit for the nine months ended Sept. 30 to have increased by up to about 68.3%.

OFFSHORE MARKET NEWS, US stock market closed down on Monday. The S&P 500 slipped by 0.6% to 2,750.79 while the Nasdaq Composite fell by 0.9% to 7,430.74. The Dow Jones Industrial Average shed 89.44 points to 25,250.55.

European shares closed mostly higher on Monday. The German DAX Index advanced by 0.8% and the U.K.'s FTSE 100 Index climbed by 0.5%, while the French CAC 40 Index bucked the uptrend and closed marginally lower.

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