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HK, China shares rally as investors expect supportive policy for economic boost


Devdiscourse News Desk China
Updated: 16-05-2019 11:11 IST
HK, China shares rally as investors expect supportive policy for economic boost

The Hang Seng index added 0.2% to 28,336.91, while the Hong Kong China Enterprises Index gained 0.4% to 10,850.02. Image Credit: Pixabay

China and Hong Kong stocks climbed on Thursday, as more supportive measures were expected to shore up the world's second-largest economy amid external uncertainties. The CSI300 index rose 0.2% to 3,734.36 at the end of the morning session, while the Shanghai Composite Index gained 0.3% to 2,947.01. ** The Hang Seng index added 0.2% to 28,336.91, while the Hong Kong China Enterprises Index gained 0.4% to 10,850.02.

The strength in the stock market after weak April activity data indicated that the expectations of economic data and policy support are more important than actual readings, Northeast Securities noted in the report. ** The liquidity conditions could be loosened given the downside pressure to the economy, the brokerage added.

Shares of Huawei suppliers took a hit, after the Trump administration hit the Chinese telecoms giant with severe sanctions on Wednesday, adding another incendiary element to the U.S.-China trade dispute just as Treasury Secretary Steven Mnuchin said he would visit China soon for more talks. ** Around the region, MSCI's Asia ex-Japan stock index was weaker by 0.12% while Japan's Nikkei index was down 0.71%.

The yuan was quoted at 6.8784 per U.S. dollar, 0.02% weaker than the previous close of 6.8768. ** The largest percentage gainers in the main Shanghai Composite index were Beijing Jingyuntong Technology Co Ltd , up 10.14%, followed by Xinjiang Tianfu Energy Co Ltd, gaining 10.08% and Ningbo Yunsheng Co Ltd, up by 10.06%.

The largest percentage losses in the Shanghai index were Fujian Apex Software Co Ltd, down 5.8%, followed by Pengqi Technology Development Co Ltd, losing 5.17% and Beijing Huaye Capital Holdings Co Ltd, down by 5.14%. ** So far this year, the Shanghai stock index is up 17.83%, while China's H-share index is up 6.7%. Shanghai stocks have declined 4.54% this month.

The top gainers among H-shares were CSPC Pharmaceutical Group Ltd, up 2.44%, followed by Guangzhou Automobile Group Co Ltd, gaining 2.05% and China National Building Material Co Ltd, up by 2.03%. ** The three biggest H-shares percentage decliners were Guangdong Investment Ltd, which has fallen 1.48%, China Mobile Ltd, which has lost 1.0% and Tencent Holdings Ltd, down 0.9%. As of 0418 GMT, China's A-shares were trading at a premium of 24.27% over the Hong Kong-listed H-shares.

(With inputs from agencies.)

COUNTRY : China

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