18 July 2019

Gaming, tech plays finish as year’s big winners

The Hong Kong benchmark Hang Seng Index ended the last trading session for 2013 on a high note, finishing the day 61 points, or 0.26 percent, up at 23,306. That result meant the index ended the year 649 points, or 2.9 percent, up for the 12 months. 

The Hang Seng China Enterprises Index, the main gauge for H shares, rose 0.42 percent to 10,816, while the Shanghai Composite Index ended 0.68 percent higher at 2,111 points.

Macau gaming plays have won most of the love from investors this year; two of the top three performers among the blue chips were casino operators. This is due to market confidence that the big six casino operators in Macau will be able to renew their licenses after 2020. Also, Macau’s chief executive Fernando Chui Sai-on {崔世安} is fighting to extend Customs operating hours in Gongbei Port and Hengqin in order to attract more tourists, a move that would benefit gaming plays.

Galaxy Entertainment Group (00027.HK) gained over 130 percent, making it the best blue chip of 2013. Tencent (00700.HK), owner of the popular WeChat app, followed close behind with an increase of 98 percent. Another gaming play, Sands China (01928.HK), added more than 80 percent to finish third.

At the other end of the blue-chip spectrum, China Coal Energy (01898.HK) had some very dark days, shedding 48 percent of its value as governments on the mainland looked for cleaner sources of energy.

Investors piled into alternative energy stocks during this year’s last trading day. Xinjiang Goldwind Science & Technology (02208.HK) surged 9 percent, China Ruifeng Renewable Energy (00527.HK) added 6.2 percent and China Datang Corp Renewable Power (01798.HK) gained 4.5 percent.

Investors in lenders were relieved to find that local government debt on the mainland was roughly in line with market estimates, amounting to 17.89 trillion yuan (US$2.95 trillion) as of the end of June, according to the National Audit Office. Chinese banks registered marginal rises in stock prices for the day, with China Everbright Bank (06818.HK) gaining the most at over 2.1 percent.

– Contact the writer at [email protected]



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