19 August 2019

HSI takes a breather and rebounds more than 100 points

Hong Kong’s benchmark Hang Seng Index (HSI) finally snapped four consecutive days of falls Tuesday, mainly thanks to Tencent’s (00700.HK) resistance to further tumbles.

The HSI rebounded 109 points, or 0.51 percent, to 21,583. The Hang Seng China Enterprises Index, the main gauge for H shares, added 0.1 percent to finish at 9,342. The Shanghai Composite Index gained 0.08 percent to close at 2,025 points.

Tencent closed 5.8 percent higher for the session to become the best-performing blue chip of the day. The internet group will announce its financial results Wednesday. Casino operator Galaxy Entertainment (00027.HK) and energy firm Hong Kong & China Gas (00003.HK) are the other two blue chips that will give out their report cards tomorrow.

HSI constituent China Resources Power Holdings (00836.HK) said its net profit last year increased 47.3 percent from a year earlier to beat market expectations. The counter headed up 4.45 percent for the day.

Funds once again piled into the third-party payment platforms. China Innovationpay Group (08083.HK) climbed over 23 percent and online transaction service provider China Binary Sale Technology (08255.HK) went up nearly 12.3 percent.

Meanwhile, the news that Kingdee International Software (00268.HK) recorded a profit turnaround last year sent its stock price up 12.5 percent.

Locomotive maker CSR Corp. (01766.HK) and its subsidiary, Zhuzhou CSR Times Electric (03898.HK), both gained over 13 percent after CSR announced a range of major contracts it has lined up.

– Contact the writer at [email protected]



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