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Hong Kong Stocks rise as Trump drop Mexico tariffs threat

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Headline indices of the Hong Kong share market closed sharp higher on Monday, 10 June 2019, as risk sentiments boosted up after better-than-expected China's trade data for May and news that U. S. had suspended plans to impose tariffs on after the two countries arrived at an agreement on immigration. At closing bell, the advanced 2.27%, or 613.36 points, to 27,578.64. The Enterprises Index was up 1.86%, or 192.60 points, to 10,526.92. Turnover increased to HK$91.9 billion from HK$67.1 billion on Thursday.

The local market closed on Friday for holiday.

Local market received a boost after the and struck a deal late Friday to avert a tariff war, with agreeing to meet U. S. demands to stem the flow of illegal Central American migrants. Trump had threatened to impose 5% import tariffs on all Mexican goods starting on Monday if Mexico did not commit to do more to tighten its borders.

said on Monday that exports in May inched up 1.1% year-on-year, while imports fell 8.5% during the same period, as a result, China's overall trade surplus was $41.65 billion in May. In April, China's overall trade surplus in April was $13.8 billion, far below the projected $35 billion. That's partly due to an unexpected rise of 4% in imports, and a surprise fall of 2.7% in exports for the month.

Shares of gaming companies closed higher. (00200) shot up 3.4% to HK$16. (01928) surged 6.7% to HK$37.3. (00880) advanced 3.9% to HK$9.01. (02282) mounted 6.3% to HK$12.24. (00027) soared 7.2% to HK$50.15 becoming the top blue-chip winner. (01128) rose 4.9% to HK$16.4.

The White House's wrote to Vice Mike Pence, requesting for a delay in implementing key provisions of a law that restricts the US government's business with (02382) soared 6.8% to HK$72.15. (02018) jumped 4.3% to HK$42.5.

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

First Published: Mon, June 10 2019. 14:27 IST