14 November 2019

HSI falls further, taking weekly loss to 2.7%

Hong Kong shares notched a fourth straight day of losses Friday, causing the benchmark Hang Seng Index to shed 2.7 percent for the week. The index ended at 22,698 points, down 137 points or 0.6 percent over the previous session and taking the cumulative weekly fall to 642 points.

The Hang Seng China Enterprises Index, which tracks the so-called H share majors, finished 144 points lower at 10,177 on the day. On the mainland, the Shanghai Composite Index dropped 31 points or 1.45 percent to 2,132 points.

Coal miners came under some selling pressure ahead of their quarterly results announcements. Yanzhou Coal Mining (01171.HK) was among the biggest losers as it closed nearly 3 percent lower. China Coal Energy (01898.HK) and China Shenhua Energy (01088.HK) shed 2.1 percent and 1.2 percent respectively.

Among the big winners was Hong Kong Television Network (01137.HK), which soared as much as 31 percent at one point before ending the day with a gain of over 14 percent. There is speculation that Hong Kong’s Executive Council will reconsider a decision on new free-to-air TV licenses in the city.

Hong Kong Television Network, which is controlled by Ricky Wong Waikay {王維基}, failed to get a broadcast license under the government announcement earlier this month. The denial of the license has led to authorities facing sharp criticism, with observers questioning the rationale for the decision. 

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