Hong Kong Market surges 1%

Headline indices of the Hong Kong share market advanced for a second straight session on Friday, 14 September 2018, as risk appetite continued to improve on the back of ebb in U.S.-China trade conflict concerns. But gains were curbed by lingering worries over China's economy, and uncertainty over the outcome of Sino-U.S. trade talks. The Hang Seng Index was up 271.92 points or 1% to 27,286.41. The Hang Seng China Enterprises Index added 72.16 points or 0.7% to 10,575.17. The sub-index of the Hang Seng tracking the Commerce & Industry sector added 1.3%, properties sector added 1.6%, and the financial sector was 0.8% up, while and Utilities sector fell 0.3%. Turnover decreased to HK$86.9 billion from HK$106.4 billion on Thursday.

The top gainer on Hang Seng was AAC Technologies Holdings Inc , up 5.51%, while the biggest loser was China Petroleum & Chemical Corp, which was down 1.82%.

 

Handset component makers rose across the board even though Apple's new iPhone models have not brought surprises. AAC Technologies (02018) soared 5.5% to HK$82.4. Sunny Optical (02382) jumped 3.2% to HK$96. BYD Electronic (00285) surged 8.2% to HK$9.77. China Display Optoelectronics (00334) shot up 12% to HK$0.56 as the company said it has passed the qualification requirements of one of the world's leading smartphone manufacturers.

Macau gaming counters also continued its rebound. Galaxy Entertainment (00027) rose 3.9% to HK$49.85. Sands China (01928) advanced 4% to HK$35.2.

Shares in energy companies declined after crude oil price retreated 2% overnight as investors worried that trade disputes may hurt demand of oil. PetroChina (00857) edged up 0.5% to HK$5.97. Sinopec (00386) slid 1.8% to HK$7.54. CNOOC (00883) softened 0.7% to HK$14.62.

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