17 February 2019

HK stocks gain 2.9 percent in November, shipping plays lead rise

Hong Kong’s benchmark index climbed 92 points or 0.4 percent to close at 23,881 points on the last trading day of November. For the whole month, which covered the Communist Party plenum where wide-ranging reforms were unveiled, the Hang Seng Index surged 2.9 percent, its third straight month of expansion.

The Hang Seng China Enterprises Index, the main gauge for H shares, ended 0.49 percent higher at 11,441. The Shanghai Composite Index inched up 0.05 percent to 2,220 points.

Shipping plays advanced after global mining giant Rio Tinto said its iron ore output capacity in Australia could increase 25 percent and the Baltic Dry Index, a key measure of commodity shipping costs, surged 9.3 percent to 1,719 points overnight. China Shipping Development (01138.HK) rose 8.1 percent while China Shipping Container Lines (02866.HK) increased 5 percent. China COSCO (01919.HK) and Pacific Basin Shipping (02343.HK) also finished higher.

Telecommunication shares rose on expectations that authorities will grant 4G licenses in the next few days. China Mobile (00941.HK), China Unicom (00762.HK) and China Telecom (00728.HK) all ended over 1 percent higher for the day.

Phoenix Healthcare Group (01515.HK) shot up 35.5 percent on its trading debut.

Snacks importer CEC International (00759.HK) spiked 13.8 percent to hit a fresh high, bringing its one-month gain to 187 percent. It said it will open as many as 30 supermarkets next year.

– Contact the writer at [email protected]



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