16 November 2019

HSI closes market-crash month on a high note

Hong Kong stocks took a breather Thursday, slipping 0.42 percent to finish at 23,206, on a round of profit-taking.

Still, the benchmark Hang Seng Index ended October on a high note.

It picked up 1.5 percent, or 346 points, on the month after hitting a two-month high on Wednesday. October typically brings crash jitters because it is when many of the biggest market meltdowns have occurred. 

Investors are anxiously awaiting the third plenum of the Communist Party, scheduled to start on Nov. 9, which will set the nation’s reform agenda for the next decade.

The Hang Seng China Enterprises Index closed 13 points lower at 10,627 points while the Shanghai Composite Index ended down 0.87 percent to 2,141.

Bank plays have performed well this week but investors started to take profit after most of the lenders gave back their gains.

Industrial and Commercial Bank of China (01398.HK), Bank of Communications (03328.HK) and Minsheng Bank (01988.HK) fell in the 1 percent to 2 percent range.

Shenyin & Wanguo Securities (00218.HK) closed nearly 7 percent higher after it confirmed its merger with Hongyuan Securities, another mainland brokerage. Other brokerage plays advanced.

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