Saturday, December 15, 2018
 
Columnist
Martin Hennecke

SAR market extends gains for fourth day
 
10/08/2018
 
The benchmark Hang Seng Index sustained its uptrend for the fourth consecutive session yesterday, rising 0.88 percent or 248.16 points to 28,607.30 while the Hong Kong dollar almost touched the lower end of its trading band.

Gains in the A-share markets helped boost the local market, which was led by technology firms and blue chips.

Tencent Holdings (0700) rose 2.36 percent to HK$372.60 amid market talk that it may acquire a Korean game developer. Xiaomi (1810) jumped 5.48 percent to HK$18.08 after brokerage houses took a positive view on the stock.

ZTE Corp (0763) spiked 9.24 percent to HK$13.00, tracking its A-share counterpart which touched the daily 10 percent limit. Hi Sun Technology (0818) also surged 17 percent after announcing upbeat interim results.

Gains by blue chips further pushed up the market.

AIA Group (1299) closed at HK$69.60, up 1.83 percent, while China Mengniu Dairy (2319) advanced 4.58 percent to HK$24.00. Hang Seng Bank (0011) reached a record high at HK$216.60, while its parent HSBC Holdings (0005) rose 0.62 percent to HK$73.35.

Aluminum Corp of China (2600) surged 6.69 percent to HK$3.51 ahead of its interim results announcement next week. United Company Rusal (0486) fell 2.67 percent to HK$2.19 as the US government announced plans to slap fresh trade sanctions on Russia.

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