Hong Kong shares rebounded on Monday, led by IT and resources shares, as a stabilizing yuan and optimism over Sino-US trade talks improved risk appetite. The Hang Seng index rose 1.4 percent to 27,598.02, while the China Enterprises Index gained 1.1 percent to 10,632.36 points. China's yuan led gains against a broadly weaker dollar, easing fears of continuous weakness in the Chinese currency that could roil the country's financial markets.
Reports that China and the United States will hold lower-level trade talks this month offered hope that both nations might resolve an escalating trade tariff war. ** At close of trade, the Hang Seng index was up 384.61 points or 1.41 percent at 27,598.02 points. The Hang Seng China Enterprises index rose 1.13 percent. The sub-index of the Hang Seng tracking energy shares rose 1.9 percent while the IT sector rose 3.34 percent, the financial sector was 1.1 percent higher and property sector rose 1.12 percent.
The top gainer on Hang Seng was Tencent Holdings Ltd up 4.09 percent, while the biggest loser was WH Group Ltd which was down 5.89 percent. The top gainers among H-shares were Byd Co Ltd up 6.22 percent, followed by Air China Ltd gaining 4.2 percent and Tencent Holdings Ltd up by 4.09 percent. The three biggest H-shares percentage decliners were Postal Savings Bank of China Co Ltd which was down 2.30 percent, China Railway Group Ltd which fell 2.1 percent and CRRC Corp Ltd down by 2.1 percent. About 1.71 billion Hang Seng index shares were traded, roughly 100.9 percent of the market's 30-day moving average of 1.70 billion shares a day. The volume traded in the previous trading session was 1.61 billion.
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