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Hong Kong Market gains on US-China trade hopes, ECB stimulus

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The Hong Kong share market closed higher on Friday, 13 September 2019, as risk sentiments boosted up on hints of progress in the U. S.-China trade dispute and stimulus from the European Central Bank. At closing bell, the Hang Seng Index added 0.96%, or 265.06 points, to 27,352.69. The Hang Seng China Enterprises Index rose 0.9%, or 95.38 points, to 10,687.75.

The City's market commenced trading with firm footing, thanks to the European Central Bank cut interest rates and began a new stimulus programme and renewed optimism over a potential breakthrough in the US-China trade war.

China and the United States both announced concessions this week ahead of upcoming trade talks in early October. U. S. President Donald Trump later told reporters he may consider an interim trade deal with Beijing.

Meanwhile, the ECB on Thursday cut its Europe's benchmark interest rate further into negative territory by 10 basis points and launched a new bond buying program. The central bank also said it will buy approx. $22 billion worth of assets for as long as needed in a bid to revive flagging eurozone growth.

Blue chips were mostly firmer. HSBC (00005) nudged up 0.7% to HK$60.7.

HKEX (00388) put on 1.4% to HK$240.8. Tencent (00700) inched up 0.1% to HK$349.6. China Mobile (00941) edged up 0.2% to HK$67.5. AIA (01299) rose 1.9% to HK$80.7.

Exporters were higher on abated US-China trade tensions. WH group (00288) jumped 3.1% to HK$7.44. Shenzhou International (02313) put on 2.8% to HK$112.3. Xinyi Glass (00868) shot up 3.8% to HK$8.81. Man Wah Holdings (01999) rose 2.9% to HK$4.55. Techtronic Industries (00669) added 1.3% to HK$58.05.

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

First Published: Fri, September 13 2019. 17:38 IST