16 November 2019

HSI rebounds after four-day losing streak

Hong Kong’s benchmark Hang Seng Index ended a four-day losing run to end at 22,806 points Monday, up 108 points.

The Hang Seng China Enterprises Index finished 80 points higher at 10,258. The Shanghai Composite Index barely moved.

Asian stock markets rose, with Australia hitting a five-year peak after the S&P 500 Index finished at a record high on Friday.

Car plays saw a significant rebound after dropping last week, with Guangzhou Automobile Group (02238.HK) and Great Wall Motor (02333.HK) climbing 3.2 percent. Geely Automobile Holdings (00175.HK) rose 2.1 percent.

Solar stocks, however, experienced selling pressure. GCL-Poly Energy Holdings (03800.HK) lost 4 percent and Comtec Solar Systems Group (00712.HK) finished 3.3 percent lower.

Meanwhile, Zoomlion (01157.HK,000157.CN) saw its A shares advance 6.2 percent after a Guangzhou-based newspaper said it had not checked its facts thoroughly when it accused the company of fraud.

Zoomlion’s H shares shot up 9 percent before settling 4.7 percent higher on the day.

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