18 March 2019

HSI barely changed as bears and bulls play tug of war

Hong Kong’s benchmark Hang Seng Index (HSI) seesawed between loss and gain before closing almost unchanged as the market digested news of a cross-border stock trading link.

The HSI ended 35 points or 0.15 percent higher at 23,038. The Hang Seng China Enterprise Index, the main gauge for H shares, inched up 0.15 percent to finish at 10,244, while the Shanghai Composite Index added a meager 0.05 percent to close at 2,131 points.

The “through train” remained a major trading theme for the session. HKEx (00388.HK) rallied over 2.6 percent on Monday, bringing its gain to over 14 percent since the tie-up between the Shanghai and Hong Kong stock exchanges was announced last week.

However, investors took profit on mainland brokerage firms like Haitong Securities (06837.HK) and CITIC Securities (06030.HK), which both dropped over 2 percent for the day, holding back gains for the H-share index. Mainland lenders stabilized during Monday session after the sell-off last Friday.

Snacks maker Want Want China (00151.HK) racked up 5.1 percent to become the best-performing blue chip of the day.

Tencent (00700.HK) rose as much as 2 percent after saying it will officially launch a self-help advertising platform on its instant messaging app Weixin. The counter closed 0.19 percent higher.

New World Development (00017.HK) rose 8 percent at one point as Monday was the last trading day for its latest round of rights issue. The counter ended 1.47 percent higher for the day.

– Contact the writer at [email protected]



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