Hong Kong stocks end 0.24% down

Written by admin on 30/07/2019 Categories: 佛山桑拿论坛

Hong Kong shares have fallen 0.

南宁桑拿

24 per cent on profit-taking at the end of a five-session winning streak, following losses on Wall Street ahead of the release of US jobs data.

The benchmark Hang Seng Index on Friday shed 55.00 points to end at 22,510.08 on turnover of $HK62.04 billion ($A8.70 billion). The loss is the first for the index since last Thursday, although it managed to add two per cent over the week.

Washington will release its non-farm payrolls report later on Friday, providing traders with a clearer idea about the state of the economy, following three months of softness caused by severe winter weather that hit most of the US.

But while a strong employment figure will be welcomed, some investors fear that too-strong numbers could lead the Federal Reserve to speed up the tapering of its stimulus regime.

Tencent tumbled 3.93 per cent to $HK525.00 and China Mobile slipped 1.11 per cent to $HK71.1, but Hong Kong Exchange jumped 2.84 per cent to $HK130.4.

Energy giant CNOOC climbed 1.69 per cent to $HK12.02, HSBC edged up 0.13 per cent to $HK79.15 and Cathay Pacific Airways was up 1.00 per cent at $HK14.12, while Henderson Land Development was off 0.21 per cent at $HK46.60.

In China, the benchmark Shanghai Composite Index rose 0.74 per cent, or 15.13 points, to 2,058.83 on turnover of 66.4 billion yuan ($A11.62 billion). The index added 0.84 per cent for the week.

The Shenzhen Composite Index, which tracks stocks on China’s second exchange, gained 1.18 per cent, or 12.49 points, to 1,068.07 on turnover of 78.2 billion yuan. It advanced 2.29 per cent this week.

Financial stocks and property firms were the main winners on hopes for the economy after the government unveiled a mini-stimulus on Wednesday.

However, investors remained sceptical that the measures will be enough to kick-start growth in the world’s No.2 economy.

“It’s uncertain how significantly China would loosen its monetary policy and it’s also unclear how effective China’s reforms will be,” Deng Wenyuan, an analyst at Soochow Securities, told Dow Jones Newswires.

Industrial Bank gained 2.13 per cent to 9.58 yuan, Huaxia Bank rose 1.67 per cent to 8.53 yuan and China Construction Bank was 1.0 per cent higher at 3.99 yuan while Bank of China added 0.8 per cent to 2.60 yuan.

“Recent remarks from central authorities show that they still care a lot about growth, so investors are buying banks and property stocks” which are regarded as a proxy for the economy, said Zeng Xianzhao, an analyst at Everbright Securities.

Media reports that Baoding city in northern Hebei province will be developed into a “sub-capital” to undertake some administrative functions of Beijing also spurred speculative buying of companies located in the area.

Auto parts maker Lingyun Industrial surged by its 10 per cent daily limit to 9.82 yuan and plastics producer Hebei Baoshuo also soared 10 per cent to 8.84 yuan.

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