Hong Kong Hang Seng Index tops 30,000-point level

Hong Kong share market closed higher on Friday, 03 May 2019, on hopes of policy support after latest data showed Hong Kong's first-quarter economy grew at 0.5 per cent from last year, the slowest quarterly pace since the third quarter of 2009. Market gains were lead by HSBC after first-quarter earnings, which beat analysts' estimates. At closing bell, the Hang Seng Index added 0.46%, or 137.37 points, to 30,081.55. The Hang Seng China Enterprises Index rose 0.16%, or 18.33 points, to 11,575.05.

Hong Kong-listed shares of HSBC jumped more than 2.5% after the bank reported first-quarter earnings that beat expectations. HSBC (5 HK), Europe's largest bank and the second heaviest component on the Hang Seng Index, reported a 34 per cent jump in first-quarter profit to US$4.13 billion, while its pretax profit rose to US$6.35 billion. HSBC is the second-largest stock on the Hang Seng Index, with a 10.33 per cent weighting, just slightly behind Tencent Holdings (700 HK) at 10.35 per cent. HSBC's Hang Seng Bank (11 HK) unit soared after announcing a larger dividend payout, rising by as much as 3.8 per cent to HK$212.20.

 

Shares of China's makers of lithium batteries used in electric vehicles fell, after reports that two US lawmakers plan to introduce legislation to curtail Chinese domination of the industry. Ganfeng Lithium (1772 HK), a Jiangxi-based producer of the metal, gave back its 3.2 per cent gain, changing hands recently at HK$13.38. BYD (1211 HK), China's largest maker of electric vehicles and a key supplier of batteries, fell 3 per cent to HK$51.95. Berkshire Hathaway owns 24.6 per cent of BYD.

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