18 January 2019

Hang Seng Index climbs as HSBC gains for seventh day

Hong Kong shares closed higher on Wednesday, taking the cue from mainland peers and other overseas stock markets.

The benchmark Hang Sang Index added 76 points or 0.34 percent to finish at 22,664 points. The Hang Seng China Enterprises Index, the main gauge for H shares, ended at 10,057, the same as in the previous session. The Shanghai Composite Index gained 1.11 percent at 2,142 points.

HSBC (00005.HK) was the day’s best-performing blue chip, rising for the seventh straight day and closing up 1.8 percent.

Mid-sized mainland lenders surged on news that the National Development and Reform Commission is planning to set up a long-term mechanism to regulate commercial banks’ service charges, which may lower funding costs for firms. China CITIC Bank (00998.HK) soared as much as 10 percent before ending 5.4 percent higher while China Minsheng Bank (01988.HK) climbed 2.2 percent.

Macau gaming plays fell on rumors that the government plans to shorten the duration of gaming licenses. Galaxy Entertainment (00027.HK) dropped 1.9 percent, SJM Holdings (00880.HK) gave up 3.5 percent, while Melco International Development (00200.HK) fell 2.7 percent. 

Mobile game developers and software plays continued their winning streak. IGG (08002.HK) jumped 7.7 percent, Sinosoft Technology Group (01297.HK) surged over 10 percent, while Boyaa Interactive International (00434.HK) gained 6.5 percent.

– Contact the writer at [email protected]



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