23 March 2019

HSI ends higher as investors soak up holiday mood

Hong Kong’s benchmark Hang Seng Index (HSI) edged up in quiet trade Thursday, a day before the long Easter holiday. The market will reopen next Tuesday.

The HSI rose 64 points or 0.28 percent to close at 22,760. The Hang Seng China Enterprises Index, the main gauge for H shares, ended 0.44 percent higher at 10,080, while the Shanghai Composite Index slipped 0.3 percent to finish at 2,098 points.

CITIC Pacific (00267.HK) closed more than 3 percent lower to become the day’s worst-performing blue chip after the group said it would acquire its parent’s asset for 226.9 billion yuan (US$36.4 billion). Analysts said investors need more time to revalue the stock as the new structure is complicated, and this explains the volatile trading.

Sino Land (00083.HK) notched up a 2.2 percent gain, making it the best performer among the HSI constituents, after the builder unveiled World Cup promotional plans for its shopping malls. 

The company has invested HK$6 million (US$770,000) and installed a 430-inch screen at its Olympian City mall for the much-awaited sport event. The mall will broadcast live all the 64 football games, and expects sales to jump 15 percent and foot traffic 12 percent in June and July.

Funds piled into the pharmaceutical sector, which outpaced the broader market. China Medical System (00867.HK) shot up 6.3 percent, United Laboratories International (03933.HK) rallied more than 5.1 percent and Sihuan Pharmaceutical (00460.HK) added 4 percent.

Meanwhile, LCD screen maker China Railsmedia (00745.HK) skyrocketed 65 percent to become the day’s best-performing stock, adding to the more than 26 percent gain in the previous session.

– Contact the writer at [email protected]



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