23 February 2019

HSI ends slightly higher after soaring on GDP data

Hong Kong’s benchmark Hang Seng Index (HSI) ended slightly higher on Wednesday after giving up most of its gains in the afternoon session.

China’s economy grew 7.4 percent in the first quarter, data released by the National Bureau of Statistics in the morning showed. The figure, which beat estimates, boosted market sentiment and spurred the index to climb nearly 200 points before closing 24 points or 0.11 percent higher at 22,696.

The Hang Seng China Enterprises Index, the main gauge for H shares, rose 0.07 percent to finish at 10,035. Shanghai Composite Index added 0.17 percent to close at 2,105 points.

China Resources Power (00836.HK) fell over 3 percent to become the day’s worst performer after the chief reporter of the Economic Information Daily, a newspaper under the official Xinhua News Agency, accused chairman Song Lin {宋林} of corruption and money laundering, as well as of having an extramarital affair with an executive of a global financial services group.

Meanwhile, Lenovo (00992.HK) jumped 2.1 percent to become the best-performing blue chip for the day. After falling 5.3 percent as investor took profit on Tuesday, HKEx (00388.HK) resumed its rebound and racked up a 1.9 percent gain.

CITIC Pacific (00267.HK) retreated 1.6 percent. After the market close, the group announced it will acquire its parent’s assets for 226.9 billion yuan (US$36.4 billion), with 22 percent to be paid in cash and the balance through a share placement. 

Sinopoly Battery (00729.HK) shot up 5.6 percent after announcing it acquired a 50 percent stake in electric vehicle maker Yunnan Meidi Coach.

– Contact the writer at [email protected]



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