Devdiscourse
Development News Edition
Give Feedback
write for Us

Hong Kong shares rise as China eyes more stimulus


Reuters
Updated: 16-01-2019 14:09 IST
Hong Kong shares rise as China eyes more stimulus

Hong Kong shares rose on Wednesday, helped by hopes that a shift to more stimulating policy could boost China's economy, but investors remained cautious amid uncertainty over Brexit, trade and slowing global growth. ** At the close of trade, the Hang Seng index was up 0.27 percent at 26,902.10 points. The Hang Seng China Enterprises index rose 0.5 percent to 10,555.52. ** The sub-index of the Hang Seng tracking energy shares rose 0.3 percent, while the IT sector climbed 0.14 percent, the financial sector ended 0.29 percent higher and the property sector dipped 0.06 percent. ** Shares of leading mainland developers rose after data showed China's home prices remained buoyant in December. China Evergrande added 1.79 percent, Country Garden gained 3.49 percent and Sunac China Holdings Ltd rose 2.33 percent. ** China's central bank injected a daily record of $83 billion into the country's financial system on Wednesday, seeking to avoid a cash crunch that would put further pressure on the weakening economy, amid pledges to step up stimulus measures this year and do more to protect jobs as economic growth cools to 28-year lows. ** The top gainer on the Hang Seng was Sino Biopharmaceutical Ltd, which gained 6.96 percent, while the biggest loser was AAC Technologies Holdings Inc, which fell 3.44 percent. ** China's main Shanghai Composite index ended flat at 2,570.42 points, while the blue-chip CSI300 index inched up just 0.02 percent. ** Around the region, MSCI's Asia ex-Japan stock index was firmer by 0.18 percent, while Japan's Nikkei index closed down 0.55 percent. ** The yuan was quoted at 6.7573 per U.S. dollar at 08:17 GMT, 0.05 percent firmer than the previous close of 6.761. ** The top gainers among H-shares were CSPC Pharmaceutical Group Ltd, up 6.04 percent, followed by China Life Insurance Co Ltd, gaining 5.23 percent, and China Pacific Insurance Group Co Ltd, up by 4.26 percent. ** The three biggest H-shares percentage decliners were China Resources Land Ltd, which was down 2.06 percent, Shenzhou International Group Holdings Ltd, which fell 1.4 percent, and Anhui Conch Cement Co Ltd, down by 1.4 percent. (Reporting by Andrew Galbraith; Editing by Subhranshu Sahu)


POST A COMMENT