Hong Kong stocks fall from 8-month high as investors book profits

Guangdong Investment

14/01/2020 08:35

* HK->Shanghai Connect daily quota used 5.6%, Shanghai->HK
daily
quota used 4%
    * HSI -0.2%, HSCE -0.4%, CSI300 -0.3%
    * FTSE China A50 -0.4%

    Jan 14 (Reuters) - Hong Kong stocks reversed gains to end
lower on Tuesday as investors pocketed gains following a strong
rally underpinned by optimism towards the signing of a Phase 1
Sino-U.S. trade deal. 
    ** The Hang Seng index  .HSI  closed lower 0.2% at 28,885.14
after rising as much as 0.7% to an eight-month high, while the
China Enterprises Index  .HSCE  lost 0.4% to 11,355.37. 
    ** The U.S. Treasury Department on Monday dropped its
designation of China as a currency manipulator, days before top
officials of the world's two largest economies were due to sign
a preliminary trade agreement to ease an 18-month-old tariff
war.  urn:newsml:reuters.com:*:nL1N29I1PF 
    ** China has pledged to buy nearly an additional $80 billion
of manufactured goods from the United States over the next two
years, plus over $50 billion more in energy supplies, according
to a source briefed on a trade deal to be signed on Wednesday.
 urn:newsml:reuters.com:*:nL1N29J03H 
    ** It's quite understandable to see some profit-taking
following recent strong gains, said Linus Yip, an analyst with
First Shanghai Securities, while expressing optimism about the
Hong Kong market in 2020 due to the easing of Sino-U.S. trade
tensions and signs of stabilisation in China's economy.
    ** China's exports rose for the first time in five months in
December and by more than expected, signalling a modest recovery
in demand as Beijing and Washington agreed to defuse their
prolonged trade war.  urn:newsml:reuters.com:*:nL4N29J14D 
    ** Hong Kong's chief executive Carrie Lam and top finance
officials praised the Chinese-ruled city's resilience as a
global financial hub on Monday amid more than six months of
often violent pro-democracy unrest.  urn:newsml:reuters.com:*:nL4N29I0AN  
    ** Around the region, MSCI's Asia ex-Japan stock index
 .MIAPJ0000PUS  was firmer by 0.17%, while Japan's Nikkei index
 .N225  closed up 0.73%.
    ** The yuan  CNY=CFXS  was quoted at 6.8816 per U.S. dollar
at 08:17 GMT, 0.16% firmer than the previous close of 6.8925. 
    ** At close, China's A-shares were trading at a premium of
27.17% over Hong Kong-listed H-shares.

 (Reporting by the Shanghai Newsroom; Editing by Subhranshu
Sahu)
 ((luoyan.liu@thomsonreuters.com; Reuters Messaging:
luoyan.liu.thomsonreuters.com@reuters.net))