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Hong Kong Market ends with gains

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The Hong Kong share market closed higher on Wednesday, 10 July 2019, snapping five days of losing streak, thanks to bargain buying in recently battered stocks, with attention now turning to the start of key congressional testimony from Federal Reserve boss Jerome Powell later in the day. At closing bell, the Hang Seng Index advanced 0.31%, or 88.41 points, to 28,204.69. The Hang Seng China Enterprises Index was up 0.5%, or 51.29 points, to 10,701.92.

Market focus will be on Federal Reserve Chairman Jerome Powell's testimony before the U. S. Congress on Wednesday and Thursday as investors look for clues to near term U. S. monetary policy. This comes just after a stronger-than-expected jobs report raised questions about the central bank's next move on interest rates. The market has priced in a 25 basis rate cut. Investors are nervous as they wait to find out from Powell's comments on whether the Fed will continue cutting rates or not.

On the U. S.-China trade front, high level trade negotiations occurred between Beijing and Washington earlier this week, according to a U. S. official, who said both sides will continue these talks as appropriate.

Blue chips were mixed. HSBC (00005) softened 0.2% to HK$64.9.

HKEX (00388) nudged up 0.1% to HK$270.8. Tencent (00700) put on 1.7% to HK$350.8. China Mobile (00941) dipped 0.1% to HK$70.15. AIA (01299) also fell 0.7% to HK$83.3.

Sunny Optical (02382) put on 1.7% to HK$82.5 after it reported June's mobile phone lens shipment grew 15.9% to 101 million units. AAC Technologies (02018) was unchanged at HK$42.45 following CCB International's bearish comments and downgrade, as well as JP Morgan's stake reduction on 3 July. Q Technology (01478) shot up 5% to HK$6.56. BYD Electronic (00285) slipped 0.7% to HK$10.7.

Chinese developers were higher on strong sales despite reports of tightening of credit in some regions. China Resources Land (01109) shot up 1.8% to HK$34.4. China Evergrande (03333) put on 1.6% to HK$22.1. Country Garden (02007) climbed 1.3% to HK$11.38. Sunac China (01918) ascended 1.8% to HK$37.5. Shimao Property (00813) added 0.9% to HK$23.25. China Vanke (02202) advanced 1.8% to HK$30.85.

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

First Published: Wed, July 10 2019. 17:10 IST
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