Hong Kong Stocks gains in volatile trade

Headline shares of the Hong Kong market closed higher in volatile trade on Monday, 29 October 2018, snapping four sessions losing streak, as investors chased for beaten down stocks. At closing bell, the Hang Seng Index advanced 94.41 points or 0.4% to 24,812.04. The Hang Seng China Enterprises Index decreased by 46 points or 0.46% to 10,012.63. The sub-index of the Hang Seng tracking the Commerce & Industry sector fell 0.5%, while financial sector added 0.8%, Utilities sector rose 1.2%, and properties sector rose 0.7%.

Shares of banks and finacials closed higher. HSBC (00005) jumped 5% to HK$63.55 as its quarterly earnings came in better than expectations. Hang Seng Bank (00011) edged up 0.1% to HK$189.8. Bank of East Asia (00023) gained 1.4% to HK$25.15. Standard Chartered (02888) put on 2.3% to HK$53.3. BOCHK (02388) added 1% to HK$31.65.

 

Shares of coal mining companies were weaker. China Shenhua Energy (01088) fell 4% to HK$17.5 becoming the biggest blue-chip loser ahead of its earnings report scheduled tomorrow. Yanzhou Coal (01171) dived 16.3% to HK%7.35 after posting its results, which triggered JP Morgan's target price cut. China Coal Energy (01898) slipped 4.8% to HK$3.41. China Qinfa Group (00866) slipped 3.8% to HK$0.255. Shougang Fushan Resources (00639) shed 2.5% to HK41.57.

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