20 September 2018

Shipping and aviation plays soar on state security concept

Hong Kong’s benchmark Hang Seng Index (HSI) rose 43 points or 0.18 percent on Wednesday to finish at 23,700 points, while the H-share index climbed for the fifth straight session, edging up 0.63 percent to 11,307 at the close. 

The Shanghai Composite Index was up 0.62 percent at 2,206 points.

Shipping and aviation plays gave out a stunning performance, buoyed by the announcement that Chinese authorities will set up a state security committee to better protect the nation’s sea and air lanes.

Guangzhou Shipyard International (00317.HK) surged 12.6 percent, China Rongsheng Heavy Industries Group (01101.HK) soared more than 20 percent, while AVIC International Holding (00232.HK) closed 17 percent higher for the day.

China Shipping Development (01138.HK) and China International Marine Containers Group (02039.HK) both climbed over 5 percent.

Insurance plays continued their upward trend. Ping An Insurance Group (02318.HK) spiked more than 2 percent while China Life Insurance (02628.HK) rose 0.7 percent. China lenders had mixed results.

Hong Kong Exchanges and Clearing (00388.HK) advanced more than 3 percent after Morgan Stanley raised the target price for the counter.

– Contact the writer at [email protected]




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