Hong Kong Hang Seng extends gain

Headline indices of the Hong Kong share market closed higher in quiet trade on Friday, 13 July 2018, as investors continued value buying on tracking gains on Wall Street overnight. Lack of an escalation in U.S.-China trade tensions also boosted investor sentiment. At the close of trade, the Hang Seng Index added 44.61 points or 0.16% to 28,525.44. The Hang Seng China Enterprises Index fell 6.41 points or 0.06% to 10,746.45. Turnover decreased to HK$84.5 billion from HK$91.2 billion on Thursday.

Consumer staples extended yesterday's rally. China Mengniu Dairy (02319) surged 5.1% to HK$26.7 becoming the top blue-chip winner. Hengan International (01044) jumped 3.6% to HK$75.65. WH Group (00288) rose 3.1% to HK$6.32. Want Want China (00151) added 1.4% to HK$7.11.

 

Pharmaceutical counters were mixed, with Weigao (01066) soaring 12.6% to HK$6.34 as the company said it was allowed to participate the H-share full circulation program. China Grand Pharmaceutical (00512) shot up 10.7% to HK$5.89 as it issued positive profit alert. Shanghai Fosun Pharmaceutical (02196) jumped 4% to HK$41.95. Sinopharm Group (01099) gained 2.5% to HK$33.

OFFSHORE MARKET: US stock market rebounded to close higher on Thursday, partly due to optimism about the upcoming earnings season. Easing trade concerns also contributed to the rally. The tech-heavy Nasdaq soared 107.30 points or 1.4% to a new record closing high of 7,823.92, the Dow jumped 224.74 points or 0.9% to 24,924.89, and the S&P 500 surged up 24.27 points or 0.9% to 2,798.29.

The major European markets also moved back to the upside on Thursday. The French CAC 40 Index jumped by 1%, the U.K.'s FTSE 100 Index advanced by 0.8% and the German DAX Index climbed by 0.6%.

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