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Hong Kong stocks reverse course, aided by mainland money


Reuters


SHANGHAI, Aug 15 (Reuters) - Hong Kong stocks staged a reversal on Thursday, bouncing back from a seven-month low, as mainland investors hunted for bargains through the Stock Connect.

** The Hang Seng index rose 0.8% to 25,495.46, while the China Enterprises Index gained 0.4% to 9,903.41.

** As of previous close, the benchmark index had lost 8.9% in August.

** Stocks then turned higher, aided by strong money flows from the mainland.

** For the day, investors via the Stock Connect linking mainland and Hong Kong bought a total of 5.1 billion yuan ($725.9 million) worth of Hong Kong shares. Those investors had been net buyers in the past weeks even as stocks slid on the island city amid protests and trade worries.

** Properties , among most affected by the protests, and telecoms shares , led the gains, closing up 3.3% and 4.4%, respectively.

** U.S. President Donald Trump on Wednesday tied a trade deal with China to humane resolution of the weeks of protests wracking Hong Kong, hours after the State Department said it was "deeply concerned" about reports of movement of Chinese paramilitary forces along the Hong Kong border.

** Around the region, MSCI'sAsia ex-Japan stock index was weaker by 0.5%, while Japan's Nikkei index closed down 1.21%.

** The yuan was quoted at 7.0285 per U.S. dollar at 08:14 GMT, 0.05% weaker than the previous close of 7.025.

** At close, China's A-shares were trading at a premium of 32.17% over Hong Kong-listed H-shares. ($1 = 7.0261 Chinese yuan)






This article appears in: Politics , US Markets , Stocks



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