17 January 2019

Zhaojin spurt drives miner to 20% weekly gain

Zhaojin Mining Industry (01818.HK) climbed 6.5 percent Friday and closed the week with a gain of nearly 20 percent as Hong Kong stocks rose in relatively flat trading.

Other gold miners had a similarly good run after spot prices soared above U$1,300 per ounce — as high as US$1,310 at one point. Lingbao Gold (03330.HK) ended 3.47 percent higher and Zijin Mining Group (02899.HK) rose 0.55 percent.

Hong Kong’s benchmark Hang Seng Index added 132 points, or 0.6 percent, to 22,298. The Hang Seng China Enterprises Index, the main gauge for H shares, rose 0.62 percent to close at 9,933.

The Shanghai Composite Index gained 0.83 percent to 2,115 points.

Hang Seng picked up 3.1 percent for the week while the Hang Seng China Enterprises Index put on 3 percent.

Blue chips in general performed well, with Tencent (00700.HK) soaring 2.6 percent at one point before ending 1.6 percent higher. Galaxy Entertainment (00027.HK) advanced 2.4 percent, the best performing blue chip.

Investors piled into local retailers, helping Bossini International (00592.HK) to a 10 percent gain for the day. Used handbag retailer Milan Station (01150.HK) closed 6.1 percent higher after its chief financial officer and two other key executives resigned. Cosmetics retailer Bonjour Holdings (00653.HK) rose above 4 percent after it said its net profit last year likely grew 20-30 percent.

– Contact the writer at [email protected]



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