Friday, February 22, 2019
Martin Hennecke

Stocks hit again after bright start
Hong Kong stocks had another up-and-down day yesterday. The Hang Seng Index opened up 205 points in the morning and closed 47 points lower after falling 200 points near the end of the trading day.

Market turnover narrowed to HK$13.49 billion.

Some gaming shares rose on the back of news that luxury hotels in Macau have been fully booked for the Lunar New Year holiday. MGM China Holdings (2282) gained 2.59 percent to HK$21.75. Wynn Macau (1128) rose 0.39 percent to HK$25.90 and Sands China (1928) 0.24 percent to HK$41.65.

Medical shares soared in the afternoon after Beijing said it would invest 47.5 billion yuan (HK$58.7 billion) in the industry.

Genscript Biotech Corporation (1548) jumped 8.78 percent to HK$20.45. Shanghai Fosun Pharmaceutical (2196) grew 7.15 percent to HK$43.45.

Shui On Land (0272) plunged to HK$2.11, down 18.22 from the last trading day when the company said it might give up its plan for privatization due to the market tumbling. Shares of Sustainable Forest Holdings (0723) sank 56 percent to HK$0.022.

Shares of Shandong Molong Petroleum Machinery (0568) declined as two of its executive directors were ordered by Hong Kong Exchanges and Clearing (0388) to end their jobs in the company, it revealed in a report to shareholders.

It said the HKEx "is not satisfied that Zhang En Rong and Yang Jin, the company's executive directors, have the character, experience and integrity and are able to demonstrate a standard of competence commensurate with the position of director of a listed issuer."

However, the petroleum machinery manufacturer said it would consider a decision revision which will not "create a significant impact on the production operations and financial position" of the company.

After the market closed, Sunny Optical Technology (2382) issued a profit alert.

The firm is expecting to see 120 percent in net profit for the past year, mainly driven by strong growth "in the shipment volume of handset lens sets, vehicle lens sets and handset camera modules" and higher average selling prices.

Its mid-year profit last year gained 149.7 percent to 1.16 billion yuan.

Previous news : Guangzhou R&F issues profit warning


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