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Hong Kong Market gains on China hopes

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Hong Kong share market closed sharp higher on Tuesday, 16 April 2019, as risk appetite buying boosted up on hopes of stabilisation in the Chinese economy. Expectations that Chinese and US trade negotiators would strike a deal soon also underpinned markets. At closing bell, the advanced 1.07%, or 319.15 points, to 30,129.87. The Enterprises Index rose 189.32 points or 1.63% to 11,821.18. Turnover decreased slightly to HK$104.3 billion from HK$110 billion on Monday.

Many investors are waiting on Chinese (GDP) data due on Wednesday for clues on the health of Asia's giant economy, a major pressure point for global growth over the past year. Market expert expects China's first-quarter growth to have cooled to 6.3 per cent on-year, the weakest pace in at least 27 years, but a flurry of measures to boost domestic demand may have put a floor under slowing activity in March.

The outlook for critically hinges on the outlook of China's growth and the ongoing US-trade talks. On both fronts, policymakers and investors believe that the outcome of these two issues is turning more positive.

Blue chips were mostly higher. (00005) gained 0.8% to HK$67.6. HKEX (00388) put on 1.3% to HK$278. (00700) advanced 1.4% to HK$393.6. Mobile (00941) nudged up 0.4% to HK$76.6. AIA (01299) rose 1.1% to HK$80.9.

Handset components suppliers were mixed. (02382) dipped 2.4% to HK$98.5. (02018) also slipped 1.3% to HK$51.9. (00285) shot up 4.6% to HK$12.34. (02038) surged 14.6% to HK$1.1.

Chinese banks rebounded as the conducted RMB40 billion reverse repos after an 18-day moratorium. CCB (00939) gained 3.9% to HK$7.17. (01398) put on 3.1% to HK$6.03. BOC (03988) was up 2.7% to HK$3.81.

Insurers also saw strong buying interest. (02318) jumped 2.3% to HK$94.75 after Morgan Stanley's upgrade. (02628) added 3.1% to HK$21.85. CPIC (02601) gained 2.8% to HK$32.85. (02328) rose 2.2% to HK$9.13.

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

First Published: Tue, April 16 2019. 15:54 IST