Hong Kong shares closed higher on Friday after five consecutive days of losses, as index heavyweight Tencent made rebound after its recent battering, and in response to hopes talks next week between the US and China would ease trade tensions. The Hang Seng index rose 0.4 percent to 27,213.41, while the China Enterprises Index gained 0.3 percent to 10,513.83 points.
The sub-index of the Hang Seng tracking energy shares rose 0.1 percent while the IT sector rose 2.47 percent, the financial sector was 0.3 percent higher and property sector dipped 0.12 percent. Index heavyweight Tencent rose 3.44 percent after falling sharply every day this week. Tencent shares are down 8.9 percent for the week.
China and the United States said their governments will hold lower-level trade talks this month, raising hope of an easing of tensions in an escalating trade war. The top gainer on Hang Seng was Want Want China Holdings Ltd up 3.74 percent, while the biggest loser was CSPC Pharmaceutical Group Ltd which was down 4.76 percent. As of the previous trading session, the Hang Seng index was down 9.42 percent this year, while China's H-share index was down 10.5 percent. As of the previous close, the Hang Seng has declined 5.19 percent this month.
The top gainers among H-shares were China Vanke Co Ltd up 4.64 percent, followed by Tencent Holdings Ltd gaining 3.44 percent and Guangdong Investment Ltd up by 2.64 percent. The three biggest H-shares percentage decliners were CSPC Pharmaceutical Group Ltd which was down 4.76 percent, CRRC Corp Ltd which fell 2.45 percent and Anhui Conch Cement Co Ltd down by 2.05 percent.
About 1.61 billion Hang Seng index shares were traded, roughly 93.7 percent of the market's 30-day moving average of 1.71 billion shares a day. The volume traded in the previous trading session was 2.20 billion. The price-to-earnings ratio of the Hang Seng index was 10.4 as of the last full trading day while the dividend yield was 3.5 percent.
So far this week, the market capitalisation of the Hang Seng index has fallen by -5.00 percent to HK$17.50 trillion.
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