The Hong Kong share market declined for second day in row on Thursday, 04 July 2019, as profit taking triggered on tracking weakness in Mainland A-share market and ahead of the US national holiday today. At closing bell, the Hang Seng Index declined 0.21%, or 59.37 points, to 28,795.77. The Hang Seng China Enterprises Index was down 0.08%, or 9.02 points, to 10,913.39. Turnover decreased to HK$72.4 billion from HK$80 billion on Wednesday.
Blue chips were mixed. HSBC (00005) edged up 0.2% to HK$65.6. HKEX (00388) ebbed 0.6% to HK$278. Tencent (00700) ebbed 0.1% to HK$360. China Mobile (00941) nudged up 0.1% to HK$71.2. AIA (01299) slipped 0.8% to HK$86.
Local property counters and Chinese developers rose on hopes of a rate cut by the Fed this month.
Sun Hung Kai Properties (0016 HK) was the fourth largest gainer on the Hang Seng, up 1.1%, followed by China Resources Land (1109 HK), which added 1%. China Overseas Land & Investment (00688) and Country Garden (02007) gained 0.3% to HK$29.35 and HK$11.98. China Vanke (02202) put on 2% to HK$31.45.
Utilities shares went up after the NDRC issued guidance for gas connection fees, which removed the risk overhang. China Gas (00384) soared 5.6% to HK$31.35. ENN Energy (02688) surged 5.7% to HK$81.25. China Resources Gas (01193) climbed 5.3% to HK$40.
Among individual stocks, China Tobacco (6055 HK) listed on June 12 and soared just under 300% through to July 2. On July 2 alone, it soared 52.30%. But investors are now pocketing the gains, with the stock falling 28.15% during trading today.
Another is Impro Precision Industry (1286 HK), which listed on June 28. On its first trading day it soared 39.87%, and another 4.99% on its second day on Wednesday. Today, it slammed down 18.33% as investors pulled out.
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