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Hong Kong Stocks end mixed

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Hong Kong share market closed mixed after trimming early losses on Tuesday, 21 May 2019, as sentiment improved slightly after Washington temporarily eased restrictions on Huawei. At closing bell, the Hang Seng Index declined 0.47%, or 130.37 points, to 27,657.24. The Hang Seng China Enterprises Index was up 0.01%, or 1.20 points, to 10,634.62.

The U. S. granted limited relief for consumers and carriers using Huawei Technologies, a day after the White House's moves against the Chinese telecom giant battered stocks. The U. S. government on Monday allowed Huawei Technologies Co to purchase American-made goods in order to maintain existing networks and provide software updates to existing Huawei handsets until Aug. 19.

The U. S. Commerce Department allowed Huawei Technologies to purchase American-made goods in order to maintain existing networks and provide software updates to existing Huawei handsets. The company is still prohibited from buying American parts and components to manufacture new products without license approvals that likely will be denied. The new authorization is intended to give telecommunications providers that rely on Huawei equipment time to make other arrangements, U. S. Secretary of Commerce Wilbur Ross said in a statement. The authorization, which is in effect for 90 days, suggests changes to Huawei's upply chain may have immediate, far-reaching and unintended consequences for its customers.

Blue chips were mostly weaker.

HSBC (00005) edged down 0.1% to HK$65.15. HKEX (00388) put on 0.9% to HK$244.4. Tencent (00700) softened 0.2% to HK$341.2. China Mobile (00941) rose 0.6% to HK$73.5. AIA (01299) dipped 0.8% to HK$75.2.

Shares of HK listed Chinese banks rose after the PBOC relaunched reverse repo operations and released liquidity of RMB80 billion into the banking system. BOC (03988) gained 1.7% to HK$3.57. ABC (01288) put on 1.2% to HK$3.39. CCB (00939) edged up 0.2% to HK$6.3. ICBC (01398) nudged up 0.2% to HK$5.59. Minsheng Banking (01988) advanced 1.4% to HK$5.71.

Consumer staples shares were also higher. WH Group (00288) rose 1.7% to HK$7.26. Uni-President China (00220) added 2.1% to HK$8.1. Tingyi (Cayman Islands) (00322) shot up 2.6% to HK$12.5. (KL)

CSPC Pharmaceutical Group (1093 HK), a Chinese drug maker based in the northern province of Hebei, fell 0.6% after its first-quarter earnings fell short of market expectations.

Medialink Group (2230), which licenses overseas animation to stream in Hong Kong, dropped 20% to HK$0.36 from its initial public offering price of HK$0.45 in the latest trading.

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

First Published: Tue, May 21 2019. 15:40 IST
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