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Hong Kong Stocks end mixed

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Hong Kong share market closed marginally lower on Wednesday, 17 April 2019, as investors were unsure whether China's better-than-expected first-quarter economic growth would sustain. In January-March, the economy grew 6.4 percent from a year earlier, matching the previous quarter's pace and defying expectations for a further slowdown, as industrial production jumped sharply and consumer demand showed signs of improvement. At closing bell, the declined 0.07%, or 21.25 points, to 30,108.62.

The Enterprises Index rose 20.23 points or 0.17% to 11,841.41.

reported better-than-expected economic growth data, fuelling hopes of a recovery in its economy amid concerns of a global growth slowdown. expanded a seasonally adjusted 1.4% on quarter in the first quarter of 2019, the said on Wednesday, down from 1.5% in the three months prior. On a yearly basis, GDP expanded 6.4% - unchanged from Q4. The bureau also said the climbed 8.7% on year in March, up from 8.2% in February and China fixed asset investment grows by 6.3%.

China's fiscal spending increased 15 percent during January-March from year ago levels to support economic growth, and local governments quickened their bond issuance for key projects, the said on Tuesday.

China's economy still faces downward pressure, while policy steps to support the economy are starting to bear fruit, statistics bureau said on Wednesday.

China's central unexpectedly drained a net 6.5 billion yuan ($969.64 million) via open market operations on Wednesday, even though it lent 200 billion yuan to financial institutions via its one-year medium-term lending facility (MLF).

Shares of plunged across the board after a research report today said regulator has issued a consultation paper with a proposal to cap return on operations to connect customers to distributors' at 10 per cent above cost. Since Hong Kong-listed 30 per cent to 40 per cent of their operating profits from the collection of such "connection fees", Citi's analysts estimated their net profits could be cut by 4 per cent to 20 per cent if the fees per household is cut by 7 per cent to 26 per cent. (2688 HK) fell 2.7 per cent to HK$74.30, while (384 HK) slumped 4.5 per cent to HK$24.40, (1193) slid 2.8 per cent to HK$35.35 and (135 HK) lost 3.1 per cent to HK$8.35.

Shares of pork related companies inclined after published new report expressing its optimistic view on the pork sector. (00288) shot up 2.7% to HK$9.04. (01610) jumped 4.6% to HK$3.21.

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

First Published: Wed, April 17 2019. 13:32 IST
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