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Hong Kong Market rises on U.S. climb and trade hopes

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Headline indices of the Hong Kong stock market finished session higher on Friday, 10 January 2020, supported by an overnight advance on Wall Street amid defused geopolitical tensions in the Middle East and progress in the U. S.-China trade talks. At closing bell, the benchmark Hang Seng Index advanced 0.27%, or 77.20 points, to 28,638.20. The Hang Seng China Enterprises Index was down 0.12%, or 17.78 points, to 11,267.48. The Hang Seng Index rose 0.7% this week

The market posted gains on rising confidence that the US and Iran would avoid a conflict, following statements on Wednesday by US President Donald Trump and Iranian officials. Sentiment was further boosted by China's announcement that Vice-Premier Liu He will travel to Washington next week to sign the "phase one" deal with the United States, which has lowered trade tensions between the world's two biggest economies.

China's Vice Premier Liu He, head of the country's negotiation team in Sino-U. S. trade talks, will sign a Phase 1 deal in Washington next week, the commerce ministry said on Thursday.

Blue chips were mixed. HSBC (00005) was unchanged at HK$59.85. HKEX (00388) rose 0.1% to HK$275.

Tencent (00700) gained 2.2% to HK$398.6. China Mobile (00941) dipped 1% to HK$64.2. AIA Group (01299) inched up 0.5% to HK$86.

Chinese developers saw selling pressure after Sunac China's (01918) placement at an 8% discount. China Resources Land (01109) slipped 3.4% to HK$37.15. Shimao Property (00813) weakened by 2.3% to HK$30.15. China Overseas Land & Investment (00688) shed 0.8% to HK$29.7. Country Garden Holdings (02007) dipped 1% to HK$12.38. China Vanke (02202) declined by 3.1% to HK$32.5.

Sunac China Holdings fell 4.4% to HK$44.60 after the Chinese property developer said it plans to sell shares at a discount in a placement. The offer price of HK$42.80 implies an 8.3% discount to Sunac China's close on Thursday. The developer plans to raise HK$8 billion (US$1.03 billion) selling 186.9 million shares.

Sunny Optical Technology Group rose 0.7% to HK$142, after the company said in an exchange filing that its mobile phone lens set shipments increased 68% from a year ago last month, while its camera module shipments jumped 79%.

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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, January 10 2020. 17:11 IST
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