June 19, 2020 / 8:46 AM / 17 days ago

HK stocks end week higher as China signals fresh economic support

* HK->Shanghai Connect daily quota used 21.7%, Shanghai->HK daily quota used 3%

* HSI +0.7%, HSCE +0.6%, CSI300 +1.3%

* FTSE China A50 +1.3%

June 19 (Reuters) - Hong Kong stocks firmed on Friday to conclude the week higher, as Beijing reassured investors of fresh reforms and ample financial liquidity to bolster its economy and capital markets.

** At the close of trade, the Hang Seng index was up 178.95 points or 0.73% at 24,643.89. The Hang Seng China Enterprises index rose 0.59% to 9,974.59.

** The sub-index of the Hang Seng tracking energy shares rose 0.8%, while the IT sector gained 0.63%, the financial sector ended 0.65% higher and the property sector jumped 1.36%.

** The top gainer on the Hang Seng was AAC Technologies Holdings Inc, which gained 6.54%, while the biggest loser was Sunny Optical Technology Group Co Ltd after dropping 1.13%.

** For the week, HSI and HSCE both gained 1.4%.

** Chinese policymakers pledged that the government will maintain ample liquidity in the financial system in the second half of the year, pushing investors to look past a threat from U.S. President Donald Trump about cutting ties with China.

** Fresh contagion concerns have dominated the market focus this week with mixed data on infections jolting sentiment.

** Risk appetite, however, improved after the chief epidemiologist of China’s Center for Diseases Prevention and Control said that the outbreak in Beijing had been brought under control.

** “The Chinese government has taken swift and effective actions in handling the new cases in Beijing,” said Richard Pan, head of international business at China Asset Management Co (ChinaAMC).

** “We have very high confidence that this little rebound will be contained and social activities will return to normal very soon,” Pan, also head of QFII investment at ChinaAMC.

** Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.44%, while Japan’s Nikkei index closed up 0.55%.

** The yuan was quoted at 7.0794 per U.S. dollar at 0821 GMT, 0.13% firmer than the previous close of 7.0883.

** At close, China’s A-shares were trading at a premium of 25.73% over Hong Kong-listed H-shares. (Reporting by the Shanghai Newsroom, Editing by Sherry Jacob-Phillips)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below