Investors risk sentiments were encouraged on optimism Chinese government will deploy fresh stimulus to shore up the country's economy after Chinese growth slumped to its slowest rate of annual growth in almost three decades. China's economy grew at its slowest pace in almost three decades in 2018, losing more steam in the last quarter as it battles to quell massive debt and a US trade war, official data showed Monday. The 6.6% growth comes in above the official target of around 6.5%, but is down from the 6.8% chalked up in 2017, according to the National Bureau of Statistics (NBS). Retail sales growth slowed to 9%, down from a 10.2% increase the previous year. In December 2018, sales grew 8.2%. Output at factories and workshops ticked up 6.2% for the year, down from 6.6% in 2017.
Blue chips were mixed. HSBC (00005) was unchanged at HK$65.35. HKEX (00388) rose 1.5% to HK$243. Tencent (00700) added 0.9% to HK$340. AIA (01299) slid 1.9% to HK$68.6. China Mobile (00941) nudged up 0.1% to HK$80.95. Sunny Optical (02382) rose 5.5% to HK$75.6 and became the biggest blue-chip winner after a number of research houses published bullish comments on the business outlook for the company. ZTE Corp (00763) gained 3.4% to HK$15.98. Lenovo (00992) added 2.7% to HK$5.76. Q Technology (01478) put on 0.5% to HK$4.19. But AAC Technologies (02018) fell 0.4% to HK$48. FIT Hon Teng (06088) dipped 2.2% to HK$3.57.
Aviation counters were weaker on the rebound of oil prices. Air China (00753) sank 3.2% to HK$7.33. China Eastern Airlines (00670) shed 0.2% to HK$4.77. China Southern Airlines (01055) slid 1.5% to HK$5.39. Cathay Pacific (00293) gained 1.3% to HK$12.22.
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