24 June 2019

HSI halts losing streak but ends week lower

Hong Kong stocks snapped a three-day losing run Friday, helped by a rally in gaming and insurance plays amid choppy trade.

The benchmark Hang Seng Index climbed 27 points, or 0.12 percent, to finish the day at 23,245. It closed the week 2.1 percent lower. The Hang Seng China Enterprises Index rose 0.58 percent to 11,025.

The Shanghai Composite Index ended 0.31 percent lower at 2,196 points.

Macau casino operator Galaxy Entertainment (00027.HK) rose to a new high for a second day running, up 3 percent during the session, to pace blue chips. MGM China (02282.HK) shot up 4.1 percent while other gaming plays had mixed fortunes.

Personal hygiene products maker Hengan International (01044.HK) came under selling pressure and lost 4.8 percent.

China Mobile (00941.HK) added 0.4 percent after reports that the group is preparing to roll out hundreds of new 4G smartphone models.

Meanwhile, investors piled into the new energy sector after Chinese authorities called for increased efforts to reduce carbon emission and save energy.

Environment-related counters rose significantly, with China Datang Corp. Renewable Power (01798.HK) surging 6.7 percent. Huadian Fuxin Energy (00816.HK) and Beijing Jingneng Clean Energy (00579.HK) both climbed more than 4 percent to 52-week highs.

– Contact the writer at [email protected]



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