Hong Kong Market falls for second day

The Hong Kong share market declined for second day in row on Thursday, 04 July 2019, as profit taking triggered on tracking weakness in Mainland A-share market and ahead of the US national holiday today. At closing bell, the Hang Seng Index declined 0.21%, or 59.37 points, to 28,795.77. The Hang Seng China Enterprises Index was down 0.08%, or 9.02 points, to 10,913.39. Turnover decreased to HK$72.4 billion from HK$80 billion on Wednesday.

Blue chips were mixed. HSBC (00005) edged up 0.2% to HK$65.6. HKEX (00388) ebbed 0.6% to HK$278. Tencent (00700) ebbed 0.1% to HK$360. China Mobile (00941) nudged up 0.1% to HK$71.2. AIA (01299) slipped 0.8% to HK$86.

 

Local property counters and Chinese developers rose on hopes of a rate cut by the Fed this month. Sun Hung Kai Properties (0016 HK) was the fourth largest gainer on the Hang Seng, up 1.1%, followed by China Resources Land (1109 HK), which added 1%. China Overseas Land & Investment (00688) and Country Garden (02007) gained 0.3% to HK$29.35 and HK$11.98. China Vanke (02202) put on 2% to HK$31.45.

Utilities shares went up after the NDRC issued guidance for gas connection fees, which removed the risk overhang. China Gas (00384) soared 5.6% to HK$31.35. ENN Energy (02688) surged 5.7% to HK$81.25. China Resources Gas (01193) climbed 5.3% to HK$40.

Among individual stocks, China Tobacco (6055 HK) listed on June 12 and soared just under 300% through to July 2. On July 2 alone, it soared 52.30%. But investors are now pocketing the gains, with the stock falling 28.15% during trading today.

Another is Impro Precision Industry (1286 HK), which listed on June 28. On its first trading day it soared 39.87%, and another 4.99% on its second day on Wednesday. Today, it slammed down 18.33% as investors pulled out.

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