25 September 2018

China Mobile takes edge off losses in volatile HK session

Wednesday’s trading session proved volatile for Hong Kong stocks, with the benchmark Hang Seng Index falling more than 80 points at one time before support from blue-chip telco China Mobile (00941.HK) helped it end the day down just 2 points, or 0.01 percent, to 23,036.

The Hang Seng China Enterprises Index shed 0.71 percent to close at 10,561 and the Shanghai Composite Index lost 0.82 percent to finish at 2,139.

China Mobile was buoyed 1 percent by the launch of its four new 4G mobile phones and reports that Beijing will approve 4G licenses to carriers as soon as next month.

Car plays had a mixed day, with Brilliance China Automotive (01114.HK) and Geely Automobile (00175.HK) both rising 1.5 percent, while Great Wall Motor (02333.HK) and Guangzhou Automobile Group (02238.HK) ended the session down roughly 4.3 percent for the day.

Snack importer CEC International (00759.HK) was the best performer of the Hong Kong stocks. Its counter shot up more than 44 percent at one point and closed 41.4 percent higher for the day on news that it plans to break out into cosmetics and supermarkets.

Luggage manufacturer Samsonite International (01910.HK) also ended the session higher. It closed up 6.3 percent after revealing that sales grew 17 percent in the last quarter from a year earlier.

– Contact the writer at [email protected]



EJI Weekly Newsletter

Please click here to unsubscribe