22 January 2019

HSI strengthens but Lenovo down for the week

Hong Kong shares closed higher on Thursday as Tencent (00700.HK) rebounded 2.8 percent.

The benchmark Hang Seng Index (HSI) added 174 points or 0.78 percent to finish at 22,568. For the week, the HSI gave up 270 points or 1.2 percent.

The Hang Seng China Enterprises Index, the main gauge for H shares, slipped 0.42 percent to end at 9,936. The Shanghai Composite Index dropped 1.17 percent to 2,113 points.

Lenovo Group (00992.HK) fell 2.3 percent after Bank of America Merrill Lynch cut its target price on concerns over its acquisition of Motorola’s handset business. The counter was the day’s worst-performing blue chip and had tumbled 9.3 percent for the week. 

Funds piled into the solar sector, with most players notching up big gains for the day. Shunfeng Photovoltaic International (01165.HK) jumped as much as 11 percent, GCL-Poly Energy Holdings (03800.HK) soared 5.3 percent, while Comtec Solar Systems (00712.HK) was up 2.1 percent.

Investors decided to cash out of Sinopec (00386.HK) after the counter surged more than 9 percent in the previous session. It ended 1.2 percent lower for the day.

– Contact the writer at [email protected]




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