Markets

Hong Kong Hang Seng Up 0.52% On Stabilizing China Markets

The Hong Kong Hang Seng Index Tuesday rose 0.52%, as traders mulled apparently stabilizing mainland stock markets, amid the quoted maxim, "Don't fight the People's Bank of China." Markets were said to gain optimism on mainland plans to revamp its "creaking" state-owned enterprises sector.

The broad gauge Hang Seng rose 131.62 to 25,536.43, as gainers outnumbered losers 28 to 20.

Leading the upside were the mobile carriers China Unicom HK (762:HK), up 5.86%; followed by China Mobile (941:HK), up 4.07%; and then developer China Resources Land (1109:HK), up 3.23%.

On the downside were Cheung Kong Property (1113:HK), off 1.87%, and then oil-driller China Shenhua (1088:HK), off 1.79%.

On the mainland, the Shanghai Stock Exchange Composite Index (SHCOMP) rose 0.64% to top 4,000 again, closing at 4,017.67. With the China bust perhaps ended, officials delayed a plan to raise 100 billion yuan through short-term bills by China Securities Finance Corp., the state-backed lender that offers margin financing and liquidity to the market.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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