Friday, June 22, 2018
Martin Hennecke

Market extends gains
The Hang Seng Index yesterday rose for the third consecutive trading day, gaining 192 points and closing at 24,501 points, driven by IT and resources stocks.

Yesterday's close was the local market's highest in 19 months, with total turnover at HK$97.8 billion.

China Shenhua (1088) spiked by 16.3 percent to HK$19.10, the market's top performer yesterday. Its sharp gain came after it proposed a generous 2.50 yuan (HK$2.81) special dividend.

Other resources shares posted strong gains. Huscoke Resources (0704) closed 8.51 percent higher, China Coal (1898) rose by 3.98 percent and Yanzhou Coal Mining(1171) was up 3.7 percent.

Heavyweight stock Tencent (0700) rose by 2.8 percent to HK$228.20, hitting a record high. UBS said it expects China Mobile (0941) to raise its dividend payout ratio. The forecast helped China Mobile rise by 3.6 percent to HK$90.40. Gains by Tencent and China Mobile accounted for a 131-point rise in the HSI.

Belle International (1880), was the worst performer, losing 3.3 percent after it issued a profit warning on Sunday.

Finance stocks also underperformed despite the market uptrend. HSBC (0005) slipped 1.01 percent. AIA (1299) and China Construction Bank (0939) both gained 0.2 percent.

Mainland developers were lower, weighed by housing curbs slapped by the central government in several cities.

Previous news : Markets laid low as trade war erupts


Register  Forget Password
Advanced Search
© 2018 The Standard, The Standard Newspapers Publishing Ltd.
Home | Business | Metro | Focus | Opinion | Markets | World | Sports | Entertainment | Monday Money | Property | Macau | Weekend