22 February 2019

HSI hits one-month high as market cheers Wall Street gains

Hong Kong stocks marched to their best finish in a month Wednesday, tracking overnight gains on Wall Street.

The benchmark Hang Seng Index picked up another 246 points, or 1.09 percent, to close at 22,843, a one-month high.

The Hang Seng China Enterprises Index, the main gauge for H shares, added 0.57 percent to 10,380. The Shanghai Composite Index gained 0.33 percent to end at 2,105 points.

Snacks maker Want Want China (00151.HK) surged 3.5 percent to a record high after Goldman Sachs raised its target price on the stock, making it the best performing blue chip for the day.

China Petroleum & Chemical (00386.HK) hit a 52-week peak on the back of a 3.5 percent spurt.

Wind power stocks rallied after Citigroup said it expects China Longyuan Power (00916.HK) to report a first-quarter profit gain of 20 percent from a year earlier on increased production capacity. Longyuan Power and Huaneng Renewables (00958.HK) each racked up more than 8 percent.

Macau casino operators rebounded from losses in the previous session, with Galaxy Entertainment (00027.HK) clawing back 3.4 percent and Sands China (01928.HK) recovering 3.3 percent.

Meanwhile, Bank of East Asia (00023.HK) went up 2.9 percent after saying it has become the first foreign bank to set up a renminbi e-commerce payment service in the Shanghai free trade zone.

Pacific Century Premium Developments (00432.HK) lost more than 21 percent, with investors giving a thumbs-down to the absence of any dividends after it sold its Beijing commercial real estate holding — Pacific Century Premium Developments — for HK$7.2 billion (US$930 million).

– Contact the writer at [email protected]



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