Hong Kong Market gains on US-China trade talks hopes

The Hong Kong share market closed higher on Wednesday, 24 July 2019, as investors risk sentiments underpinned by following gains on Wall Street overnight and on hopes the US and China will reached a trade deal after reports US Trade Representative Robert Lighthizer and senior US officials are set to travel to China next Monday for the first high-level, face-to-face trade negotiations with Chinese officials. At closing bell, the Hang Seng Index added 0.2%, or 57.56 points, to 28,524.04. The Hang Seng China Enterprises Index was up 0.45%, or 48.96 points, to 10,858.88.

Blue chips were mostly firmer. HSBC (00005) edged up 0.1% to HK$64.7. HKEX (00388) nudged down 0.2% to HK$266.8. China Mobile (00941) softened 0.7% to HK$68.65. AIA (01299) inched down 0.4% to HK$86.8. Tencent Holdings climbed 2% to HK$365.6, after the company said it is working with Japanese video game company Nintendo sell the Switch console in China.

 

Handset component makers were higher as smartphone manufacturers rushed to announce the launch date of their 5G mobile phones. Sunny Optical (02382) shot up 3.5% to HK$93.4. BYD Electronic (00285) rose 2.9% to HK$11.46. AAC Technologies (02018) dipped 0.5% to HK$44.45. Q Technology (01478) added 1.7% to HK$7.93. FIT Hon Teng (06088) advanced 1% to HK$3.14. (02038) gained 2.4% to HK$0.86.

Chinese sportswear maker Anta Sports jumped by as much as 3.3% to a fresh record high of HK$60.45, after the company said it expects a gain of as much as 25% in its net profit for the first half of the year.

Private school operator China Yuhua Education surged by 9.7% to HK$3.62, after announcing a plan to acquire a 90% stake in Shandong Yingcai University for 1.5 billion yuan to raise its competitiveness in northern China.

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