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Hong Kong Market rises 1.32% as Wall Street's gains lift mood

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Hong Kong share market inclined on Monday, 09 July 2018, as Wall Street's rise late last week Friday on better-than-expected jobs data stateside buoyed the market mood. However, market gain was capped as investors continued to keep an eye on trade after the U. S. and exchanged tariffs last week. At the close, the advanced 372.88 points or 1.32% to 28,688.50. The Hang Seng Enterprise index added 145.73 points or 1.37% to 10,768.35. Turnover increased slightly to HK$98.7 billion from HK$98.5 billion on Friday.

The improvement in sentiment came in spite of Friday's developments on the trade front when U. S. tariffs on $34 billion in Chinese goods took effect, ramping up the country's ongoing trade spat with China followed up by promptly imposing duties of its own on the same value of U.

S. products. said it had no choice but to respond to the U. S. after the latter "launched the largest trade war in economic history." U. S. said on Friday that an additional $16 billion of Chinese goods would be subject to tariffs in two weeks, and that he was considering further slapping duties on an additional $500 billion in Chinese products.

Chinese financials rose on talks that China's regulator may delay the release of guideline on banks' CCB (00939) gained 2% to HK$6.94. (01288) rose 1.7% to HK$3.62. (01398) added 1.5% to HK$5.61. BOC (03988) edged up 0.6% to HK$3.69. CM Bank (03968) jumped 3.5% to HK$28.

Insurers also fared better. (02318) put on 1.8% to HK$70.95 despite JP Morgan's target price downgrade. (00966) soared 5.3% to HK$25. NCI (01336) surged 4% to HK$32.5. CPIC (02601) added 3% to HK$29.5. (02628) shot up 2.6% to HK$19.66.

Chinese maker slipped as much as 6% on its debut in Hong Kong after it priced its initial public offering at the lower end of its target range having failed to woo investors.

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

First Published: Mon, July 09 2018. 15:23 IST