18 January 2019

HSI takes cue from falling mainland markets

Hong Kong stocks closed lower Tuesday, tracking losses by their mainland counterparts.

The benchmark Hang Seng Index slipped 71 points, or 0.32 percent, to 22,317. The Hang Seng China Enterprises Index, the main gauge for H shares, fell 0.58 percent to 9,740.

The Shanghai Composite Index tumbled 2.04 percent to 2,034 points while the Shenzhen Component Index gave up 3.1 percent to close at 7,303 points.

Blue chips had mixed performances, with HSBC (00005.HK) losing 2.7 percent after announcing a disappointing report card.

However, funds piled into Macau gaming plays. Sands China (01928.HK) climbed 4.5 percent and Galaxy Entertainment (00027.HK) soared 4.3 percent, the day’s best performing blue chips. Other players saw notable rises as well.

Medicine stocks kept pace, led by China Renji Medical Group (00648.HK) which surged more than 70 percent after news that it is planning to build a cancer hospital. Ripples spread across the sector, pushing Hua Xia Healthcare Holdings (08143.HK) to a 33 percent gain. Shandong Xinhua Pharmaceutical (00719.HK) picked up 5.1 percent.

– Contact the writer at [email protected]



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