Hong Kong Market falls 0.4%

The Hong Kong stock market closed down on Tuesday, 29 October 2019, despite the higher close of three major benchmarks in the US overnight, as traders scramble away with profits from blockchain run-up and as heavyweight bank HSBC extended losses for a second day after delivering worse-than-expected third-quarter results. At closing bell, the benchmark Hang Seng Index declined 0.4%, or 104.50 points, to 26,786.76. The Hang Seng China Enterprises Index dropped 0.22%, or 22.82 points, to 10,547.

Blue chips were mostly easier. HSBC (00005) shed 1.3% to HK$59.45 after it reported weaker-than-expected earnings yesterday. HKEX (00388) dipped 0.3% to HK$242.4. Tencent (00700) slipped 1.6% to HK$317. China Mobile (00941) softened 0.9% to HK$64.3. AIA (01299) edged down 0.2% to HK$77.35.

 

WH Group (00288) soared 5.8% to HK$8.27 after it reported a 9-month earnings growth of 8%. Man Wah Holdings (01999) surged 7.7% to HK$5.48.

Hong kong lenders declined after JP Morgan stress tests reports showed potential earnings downside of 24-45% in 2020 for local banks. Bank of East Asia (00023) dipped 1.9% to HK$18.6. Hang Seng Bank (00011) fell 1.1% to HK$164.2. Dah Sing Banking (02356) slipped 2.1% to HK$10.12. BOCHK (02388) softened 0.4% to HK$27.1.

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