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Hong Kong Stocks trade mixed

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Headline shares of the Hong Kong market were mixed on Tuesday, 16 October 2018, as higher Asian stocks encouraged investors to buy back issues after the sharp fall a day earlier. However, continuing uncertainty over U.S.-China trade relations and increasing geopolitical tensions between Saudi Arabia and the international community restricted gains. Around late afternoon, the Hang Seng Index fell 87.25 points or 0.34% to 25,357.81. The Hang Seng China Enterprises Index added 17.28 points or 0.17% to 10,161.62. The sub-index of the Hang Seng tracking the Commerce & Industry sector fell 0.4%, properties sector dropped 0.5%, and financial sector shed 0.5%, while Utilities sector added 0.03%.

Shares of Chinese banks rose as China's CPI and PPI for September came in in-line with market expectations, and Renminbi snapped a 10-day decline.. ICBC (01398) rose 0.4% to HK$5.18. CM Bank (03968) shot up 1.7% to HK$29.4. BOC (03988) edged down 0.3% to HK$3.24. ABC (01288) nudged up 0.3% to HK$3.5.

 

Shares of Chinese insurers gained. China Life (02628) gained 1% to HK$17.02after saying accumulated premium income for the nine months ended September rose 4.1% on-year. China Taiping (00966) rose 1.6% to HK$25.2. PICC Group (01339) added 0.9% to HK$3.58. Ping An (02318) was flat at HK$73.25.

Shares of energy producers gained, inline with jump in crude oil prices. Brent crude futures were up 0.3% to $81.02 a barrel amid tensions between Saudi Arabia and the U.S. after a Saudi journalist, who was critical of Riyadh, disappeared earlier this month. CNOOC and PetroChina rose 2.2% and 1.3%, respectively. China Coal Energy jumped 3.1% after saying expects its net profit for the nine months ended Sept. 30 to have increased by up to about 68.3%.

OFFSHORE MARKET NEWS, US stock market closed down on Monday. The S&P 500 slipped by 0.6% to 2,750.79 while the Nasdaq Composite fell by 0.9% to 7,430.74. The Dow Jones Industrial Average shed 89.44 points to 25,250.55.

European shares closed mostly higher on Monday. The German DAX Index advanced by 0.8% and the U.K.'s FTSE 100 Index climbed by 0.5%, while the French CAC 40 Index bucked the uptrend and closed marginally lower.

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First Published: Oct 16 2018 | 11:41 AM IST

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