27 February 2020

Hang Seng ends week higher

Hong Kong stocks closed out the week higher, picking up 0.19 percent in directionless action Friday, the first trading day of the month.

The benchmark Hang Seng Index finished at 23,249 points for the day and was up 2.4 percent for the week.

The Hang Seng China Enterprises Index gained 0.49 percent to 10,678 points, up nearly 5 percent for the week. The Shanghai Composite Index edged 0.37 percent higher to 2,149 Friday.

Tingyi Cayman Islands Holding (00322.HK), also known as Master Kong, rallied 6.3 percent after Nanfang Metropolis daily reported that the group will enter the formula milk powder business. The stock was the best performer among blue chips.

Other milk powder makers saw notable increases, with China Modern Dairy Holdings (01117.HK) and Biostime International Holdings (01112.HK) surging 6.6 percent and 5.2 percent, respectively.

TCL Multimedia Technology Holdings (01070.HK) outperformed its peers, climbing 6.3 percent after reports that the government will launch a new subsidy program for home appliance makers but with a higher eligibility threshold.

Rivals Skyworth Digital Holdings (00751.HK) and Hisense Kelon Electrical Holdings (00751.HK) rose in the 2-3 percent range.

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