HK-listed Geely leads rise in Chinese automakers amid strong sales, recovery hope

Zhongsheng group

13/07/2020 08:44

** Shares of Geely Automobile Holdings Ltd  0175.HK  lead
gains in Chinese automakers, surging as much as 10% to HK$19.36,
their highest since July 2018
    ** The stock later trims gains to HK$18.84, still up 7.1%,
heading for the best day since July 6
    ** Geely stock is the top percentage gainer among the 50
constituent stocks in the benchmark Hang Seng Index  .HSI ,
ranks fifth among the most actively traded shares by turnover on
the Hong Kong bourse in late afternoon 
    ** Auto sales in China rose 11.6% in June from a year
earlier, driven by strong demand for trucks as Beijing ramps up
infrastructure spending to revive the economy, and supportive
local government policies also helped growth  urn:newsml:reuters.com:*:nL4N2EH1M1
    ** Brokerage Daiwa expects a mild 3% year-on-year volume
growth in China's auto market in the second half of 2020, and
expects a solid recovery for the new energy vehicles market
given a low base during second half of 2019 
    ** Hong Kong shares of BYD Co Ltd  1211.HK  surge 15.8% to
their record high at HK$89.50, heading for the best day since
Jan. 13
    ** Great Wall Motor's  2333.HK  Hong Kong shares jump 8.7%
to HK$6.90, highest since November 11, 2019
    ** Shares of automobiles distrobutor Zhongsheng Group
Holdings  0881.HK  jump 6.7% to an all-time high of HK$50.80 
    ** Both the Hang Seng China enterprises index  .HSCE  and
the benchmark index  .HSI  gain 0.6%

 (Reuters Messaging: donny.kwok.thomsonreuters.com@reuters.net)