19 November 2019

HSI ends higher as traders settle futures positions

Hong Kong’s benchmark Hang Sang Index rose 2 percent, or 457 points, to close at 23,304 Wednesday, gaining the most in more than two months, as traders moved to settle futures positions.

The Hang Seng China Enterprises Index closed 2.41 percent higher at 10,640 points.

Funds piled into the market after mainland stocks closed higher, with the Shanghai Composite Index advancing 1.48 percent to 2,160, near an intraday high. 

Major Chinese banks were set to announce their quarterly results after market close, providing an excuse for some last-minute buying. Industrial and Commercial Bank of China (01398.HK), China Construction Bank (00939.HK) and Bank of China (03988.HK) all rose 2 percent.

Shale gas stocks picked up on news the National Energy Administration had given the shale gas sector the status of a strategic emerging industry, giving players access to government incentives.

Kunlun Energy (00135.HK) climbed 7 percent, the best performer among blue chips. Anton Oilfield Services Group (03337.HK) and Honghua Group (00196.HK) gained 9 percent and 11 percent, respectively.

Meanwhile, gaming stocks rallied across the board after losing more than 3 percent Tuesday. Galaxy Entertainment (00027.HK) and Sands China (01928.HK) climbed 5 percent and 4.6 percent, respectively, for the day.

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