You are here: Home » News-CM » International » Market Report
Business Standard

Hong Kong Market rebounds 2.1%

Capital Market 

Headline indices of the Hong Kong share market rebounded on Friday, 12 October 2018, as investors chased for beaten down stocks following the previous day's heavy losses amid a global sell-off and as China's September trade data came in better than expected. However, market gains were limited as investor sentiments remained low amid lingering anxiety over the Sino-U. S. trade war and rising U. S. interest rates. The inclined 535.12 points or 2.12% to 25,801.49. The Enterprises Index added 206.57 points or 2.05% to 10,299.09. The sub-index of the Hang Seng tracking the Commerce & Industry sector added 3.1%, properties sector rose 1.2%, and financial sector rose 1.8%, while Utilities sector slipped 0.1%. Turnover decreased to HK$111.15 billion from HK$139.7 billion on Thursday.

China's monthly trade surplus with the rose to a record high of US$34.1 billion in September on the back of an escalating trade war that shows little sign of cooling.

The figure, released on Friday by the customs administration, represented a 10% increase from the US$31.05 billion surplus booked for August, suggesting Washington's tariffs on imports of Chinese products have yet to have the desired effect of narrowing the trade gap between the two countries. China's trade surplus with the US in September was greater than its total trade surplus of US$31.7 billion. Its total exports grew faster than expected in the month - 14.5% year on year in dollar terms, compared with 9.8% in August - while import growth slowed to 14.3% from 20%, the customs administration said.

Shares of aviation counters inclined after rRenminbi stabilised against the US dollar and fell 3% overnight. Both Southern Airlines (01055) and Eastern Airlines (00670) flew off 4.4% to HK$4.31 and HK$4.32. (00753) gained 2% to HK$6.68. (00883) also gained 1.5% to HK$14.5.

OFFSHORE MARKET NEWS, US tumbled for a second straight day on Thursday, rattled by rising interest rates, signs of a slowdown in the global economy and the US-China trade dispute. The Dow Jones Industrial Average slumped 2.1% to 25,052.83, down 2.1% or 545 points. The broad-based also dropped 2.1% to 2,728.26, while the tech-rich Index fell 1.3% to 7,329.06.

European shares hit their lowest in more than 21 months on Thursday following a slide on Wall Street as jitters over rising yields and signs of slowing global growth prompted broad selling of risky assets. The German DAX Index slumped by 1.5%. The French Index and the U. K.'s Index both fell by 1.9%.

Powered by Capital Market - Live News

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

First Published: Fri, October 12 2018. 16:59 IST