Date
16 August 2017

Heavyweights Galaxy Entertainment, Tencent power HSI higher

Hong Kong’s benchmark Hang Seng Index closed 146 points or 0.64 percent higher Friday on the back of heavyweight blue chips Galaxy Entertainment (00027.HK) and Tencent (00700.HK). It gained 1.25 percent for the week.

The Hang Seng China Enterprises Index, the main gauge for H shares, slipped 0.2 percent to 10,167. The Shanghai Composite index gave up 0.93 percent to close at 2,004 points.

All six Macau casinos posted notable gains after Credit Suisse raised their target prices. News that Lui Chewoo {呂志和}, president of Galaxy Entertainment, has dislodged Li Kashing to become the richest person in Asia, lifted the counter 5.3 percent to a record high, the best closing among blue chips.

Other gaming plays — Sands China (01928.HK), Melco Crown Entertainment (06883.HK), SJM Holdings (00880.HK), MGM China (02282.HK) and Wynn Macau (01128.HK) — rose in a range of 1.3 percent to 4.1 percent.

Blue chips returned mixed performances, with technology giant Tencent climbing 3.2 percent to a new high. AIA (01299.HK) added 2 percent. However, mobile phone and personal computer maker Lenovo lost 4 percent after two days of gains.

Chinese lenders came under selling pressure, led by Industrial and Commercial Bank of China (01398.HK) and China Construction Bank (00939.HK) which fell more than 1 percent. Bank of Chongqing (01963.HK) and China Everbright Bank (06818.HK) slipped 1.7 percent and 2.2 percent, respectively.

– Contact the writer at [email protected]

RA

 

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