21 November 2018

HSI ends higher amid volatile trade

HSI ends higher amid volatile trade

Hong Kong stocks closed higher in volatile trade Wednesday after clawing back lost ground early in the day.

The benchmark Hang Seng Index rose rose 120 points, or 0.54 percent, to close at 22,437 after falling marginally in the morning session. the China Enterprises Index, the main gauge for H shares, gained 0.67 percent to 9,806.

The Shanghai Composite Index added 0.35 percent at 2,041 points.

Auto stocks soared after BYD Co. (01211.HK) and BMW Brilliance Automotive were approved for a new energy demonstration scheme by the government.

BYD ended the day 9.6 percent higher. Dongfeng Motor Group (00489.HK), Guangzhou Automobile (02238.HK) and Great Wall Motor (02333.HK) rose in a range of 2 percent to 4.2 percent.

New energy plays got a boost after reports the government will ramp up support for the industry.

Huaneng Renewables (00958.HK) surged 9.6 percent, China Suntien Green Energy (00956.HK) and Beijing Jingneng Clean Energy (00579.HK) each climbed 8 percent. Wind power players Huadian Fuxin Energy (00816.HK), China WindPower Group (00182.HK) and China Longyuan Power (00916.HK) saw notable gains.

Handset maker Coolpad (02369.HK) shot up 13.4 percent after saying it will launch new smartphones at competitive prices. Meanwhile, Goldman Sachs raised its target price on Coolpad and said shipments might reach 56 million units this year.

Blue chips, on the other hand, showed mixed performances, with China Petroleum & Chemical (00386.HK) closing 4.1 percent higher after chairman Fu Chengyu {傅成玉} said the company will announce plans to allow private investment in the company during the Chinese politburo meeting next week.

– Contact the writer at [email protected]



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