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Hong Kong: Market gains for second day

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The Hong Kong share market finished higher for straight second session on Thursday, 08 August 2019, as bargain hunting buoyed by better-than-expected China's exports data and the MSCI announcement on increased weighting of Chinese equities. At closing bell, the Hang Seng Index advanced 0.48%, or 123.74 points, to 26,120.77. The Hang Seng China Enterprises Index rose 0.48%, or 48.28 points, to 10,041.62.

Sentiment on equities was boosted, after China's customs office said on Thursday morning the country's overseas shipments had increased 3.3 per cent from a year earlier last month in US dollar terms. Chinese stocks also got a lift from international index compiler MSCI, which said on Thursday it will raise the weighting of mainland China traded shares on its gauge tracking emerging markets, following the market close on August 27. After the rebalance, Chinese stocks will account for 2.5 per cent of the MSCI Emerging Markets Index.

Blue chips were mixed. HSBC (00005) was flat at HK$60.2. HKEX (00388) edged up 0.1% to HK$246.8. Tencent (00700) jumped 1.1% to HK$342.4.

China Mobile (00941) nudged down 0.2% to HK$63.05. AIA (01299) added 0.5% to HK$77.2. CLP (00002) dipped 0.9% to HK$84.35.

Chinese automakers rose across the board, with Geely Automobile (00175) soaring 3.9% to HK$11.22. Dongfeng Motor (00489) surged 7.2% to HK$6.69 on talks that the company plans to sell its stake in PSA. Brilliance China Automotive (01114) climbed 1.1% to HK$7.09. BYD (01211) rebounded 2% to HK$43.8. Great Wall Motor (02333) gained 2.3% to HK$4.86. GAC Group (02238) shot up 3.6% to HK$7.47.

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

First Published: Thu, August 08 2019. 19:26 IST
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