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Hong Kong Market ends 0.37% higher

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The Hong Kong stock market closed higher on Monday, 02 December 2019, as upbeat factory activity data from China helped investors put Sino-U. S. trade deal issues on the back burner. At closing bell, the benchmark Hang Seng Index advanced 0.37%, or 98.23 points, to 26,444.72. The Hang Seng China Enterprises Index grew 0.6%, or 62.09 points, to 10,363.91.

Market sentiment was brightened after weekend data showed China's November factory activity had rebounded for the first time in seven months despite uncertainty over US-China trade talks. The closely watched Purchasing Managers' Index (PMI), a key gauge of activity in the country's factories, rose to 50.2 in November, up from 49.3 last month, China's National Bureau of Statistics said on Saturday. Separately, a private survey on Monday showed China's manufacturing activity expanded more than expected in November as the Caixin/Markit manufacturing Purchasing Managers' Index (PMI) came in at 51.8 from 51.7 in October.

Concern about whether even a partial trade deal can be worked out between the world's two largest economies was offset by economic data showing manufacturing expanded in November.

U. S.-China tensions heightened last week after Trump signed two pieces of legislation supporting protestors in Hong Kong, prompting China's foreign ministry to claim Washington has sinister intentions after the bills were signed into law. A spokesman for the Chinese foreign ministry added Friday the country will take strong counter-measures against the U.

S. The situation in Hong Kong has raised concerns of strains in trade negotiations between Washington and Beijing ahead of Dec. 15, when new tariffs on Chinese exports to the U. S. are set to kick in.

Mainland property developers listed in Hong Kong rallied on stronger sales in November. China said sales growth of top 100 mainland developers for the first eleven months of 2019 was 6.5%, with Country Garden (02007), China Evergrande (03333) and Sunac China (01918) taking the top spots. Sunac China Holdings (1918 HK) jumped 6.9%, China Resources Land (1109 HK) climbed 4.3%, Country Garden (2007 HK) rose 2.8%, Evergrande Group (3333 HK) rose 6.0%. China Overseas Land & Investment (00688) put on 2.7% to HK$26.95. Longfor Group (00960) shot up 2.7% to HK$32.9.

Electric and leisure electronic products stocks also closed higher. Computime (0320 HK) rose 13.6%, Alco (0328 HK) rose 9.6%, and IMS Group (8136 HK) rose 8.5%.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, December 02 2019. 17:59 IST
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