14 November 2018

HSI tumbles again but handset, internet plays defy trend

Hong Kong stocks fell for a fourth day running but handset makers and internet plays bucked the downtrend.

The benchmark Hang Seng Index slipped 15 points or 0.07 percent to 21,960 points. The Hang Seng China Enterprises Index, the main gauge for H shares, fell 0.29 percent to 9,763.

The Shanghai Composite index closed 0.26 percent higher at 2,038 points.

Lenovo Group (00992.HK) climbed 5.9 percent, the best performer among blue chips, while Tencent (00700.HK) rebounded 4 percent after losing 2.3 percent in the previous day.

Handset makers Coolpad (02369.HK) and TCL Communication (02618.HK) saw notable increases. However, AAC Technologies (02018.HK), which is closely tied to Apple Inc., gave up 4.7 percent after the iPhone maker’s latest quarterly report missed estimates. 

Software players rose on news Kingsoft Corp. (03888.HK) plans to spin off its information security software business for a listing in the United States. The counter shot up 8.5 percent before closing 5.3 percent higher. 

Investors also piled into internet payment system providers. China Innovationpay Group (08083.HK) soared 31 percent, econtext Asia (01390.HK) jumped 6 percent and Tradelink Electronic Commerce (00536.HK) picked up 7.2 percent.

Meanwhile, baby product maker Goodbaby (01086.HK) gained 14 percent in intraday trade after announcing its acquisition of German car set brand CYBEX. The stock closed 9.4 percent higher.

– Contact the writer at [email protected]



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