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Hong Kong Market rises ahead of signing of China-U.S. trade deal

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Headline indices of the Hong Kong stock market finished session higher on Monday, 13 January 2020, as investor sentiment underpinned ahead of the expected signing of a Phase 1 China-US trade deal later this week that includes clauses against competitive devaluations. At closing bell, the benchmark Hang Seng Index advanced 1.11%, or 316.74 points, to 28,954.94. The Hang Seng China Enterprises Index was up 1.15%, or 129.28 points, to 11,396.76.

U. S. President Donald Trump and Chinese officials are set to sign the long-awaited phase one trade deal between the two countries on Wednesday, 15 January 2020, in Washington to ease the 18-month trade war. The Trump administration has invited at least 200 people to the White House for the ceremony. The China's commerce ministry said that Vice Premier Liu He, who leads the Chinese negotiation team in the trade talks, is set to visit Washington from today. The deal will involve some tariff relief, increased Chinese purchases of U. S. agricultural goods and changes to intellectual property and technology rules. The agreement will also include clauses that seek to prevent China from devaluing the yuan to "unfairly compete against U.

S. exporters.

Blue chips rose across the board. HSBC (00005) edged up 0.2% to HK$59.95. HKEX (00388) gained 1.9% to HK$280.2. Tencent (00700) rose 2% to HK$406.4. China Mobile (00941) bounced 1.9% to HK$65.4. AIA Group (01299) added 0.8% to HK$86.65.

Property counters were higher as 15 property transactions were registered in 12 major residential projects over the past weekend. Swire Pacific (00019) climbed 3% to HK$74.75. Sun Hung Kai Properties (00016) added 1.9% to HK$121.3. New World Development (00017) gained 1.7% to HK$10.94. Sino Land (00083) put on 1.1% to HK$11.5. Henderson Land Development (00012) advanced 0.8% to HK$38.4.

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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, January 13 2020. 14:53 IST