25 May 2019

Green plays fly but HSI gives up some ground

The Hang Seng Index closed lower Tuesday despite a rally in environmental stocks and some positive economic data out of China.

The Hong Kong benchmark lost 66 points, or 0.28 percent, to finish at 23,744. The Hang Seng China Enterprises Index, the main gauge for H shares, got no help from forecast-beating economic numbers announced earlier, dipping 0.44 percent to 11,382.

The Shanghai Composite Index ended 0.03 percent lower at 2,237 points.

The National Bureau of Statistics said industrial output, a measure of production in the nation’s factories, workshops and mines, rose 10 percent year on year in November. Retail sales, a measure of consumer spending, climbed 13.7 percent from a year earlier.

Environmental protection counters flew high after Chinese authorities relaxed the approval process for certain operations.

Tianjin Capital Environmental Protection (01065.HK) surged 21.7 percent to a six-year high. CT Environmental Group (01363.HK) gained 7.4 percent and Guodian Technology & Environment Group (01296.HK) picked up 2.5 percent.

Kunlun Energy (00135.HK) added 3.3 percent, the best blue-chip performer for the day.

Gaming plays came under selling pressure after a bout of profit-taking from the previous day’s record highs. MGM China (02282.HK) and Wynn Macau (01128.HK) both fell more than 2 percent.

Meanwhile, Sino Prosper State Gold Resources (00766.HK) named Zhang Huaqiao {張化橋}, chairman of Slow Bull Capital Group, its corporate management adviser. The counter shot up 23 percent.

– Contact the writer at [email protected]



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