HK stocks end week higher as China signals fresh economic support

Guangdong Investment

19/06/2020 09:44

* HK->Shanghai Connect daily quota used 21.7%, Shanghai->HK
daily
quota used 3%
    * HSI +0.7%, HSCE +0.6%, CSI300 +1.3%
    * FTSE China A50 +1.3%

    June 19 (Reuters) - Hong Kong stocks firmed on Friday to
conclude the week higher, as Beijing reassured investors of
fresh reforms and ample financial liquidity to bolster its
economy and capital markets. 
    ** At the close of trade, the Hang Seng index  .HSI  was up
178.95 points or 0.73% at 24,643.89. The Hang Seng China
Enterprises index  .HSCE  rose 0.59% to 9,974.59.  
    ** The sub-index of the Hang Seng tracking energy shares
 .HSCIE  rose 0.8%, while the IT sector  .HSCIIT  gained 0.63%,
the financial sector  .HSNF  ended 0.65% higher and the property
sector jumped 1.36%.
    ** The top gainer on the Hang Seng was AAC Technologies
Holdings Inc  2018.HK , which gained 6.54%, while the biggest
loser was Sunny Optical Technology Group Co Ltd  2382.HK  after
dropping 1.13%.
    ** For the week, HSI and HSCE both gained 1.4%. 
    ** Chinese policymakers pledged that the government will
maintain ample liquidity in the financial system in the second
half of the year, pushing investors to look past a threat from
U.S. President Donald Trump about cutting ties with China. 
 urn:newsml:reuters.com:*:nL4N2DV13T  urn:newsml:reuters.com:*:nL1N2DV2UQ 
    ** Fresh contagion concerns have dominated the market focus
this week with mixed data on infections jolting sentiment.
    ** Risk appetite, however, improved after the chief
epidemiologist of China's Center for Diseases Prevention and
Control said that the outbreak in Beijing had been brought under
control.  urn:newsml:reuters.com:*:nL4N2DV2KJ      
    **  "The Chinese government has taken swift and effective
actions in handling the new cases in Beijing," said Richard Pan,
head of international business at China Asset Management Co
(ChinaAMC).
    ** "We have very high confidence that this little rebound
will be contained and social activities will return to normal
very soon," Pan, also head of QFII investment at ChinaAMC.   
    ** Around the region, MSCI's Asia ex-Japan stock index
 .MIAPJ0000PUS  was firmer by 0.44%, while Japan's Nikkei index
 .N225  closed up 0.55%.
    ** The yuan  CNY=CFXS  was quoted at 7.0794 per U.S. dollar
at 0821 GMT, 0.13% firmer than the previous close of 7.0883. 
    ** At close, China's A-shares were trading at a premium of
25.73% over Hong Kong-listed H-shares.  

 (Reporting by the Shanghai Newsroom, Editing by Sherry
Jacob-Phillips)
 ((luoyan.liu@thomsonreuters.com; Reuters Messaging:
luoyan.liu.thomsonreuters.com@reuters.net))