Hang Seng climbs 326 points at midday

Business | 4 Jan 2019 12:39 pm

Stocks in Hong Kong opened lower following sharp losses on Wall Street overnight but rebounded at midday after the Ministry of Commerce said China and the U.S will hold vice-ministerial level trade talks next week.

The benchmark Hang Seng Index jumped 1.3 percent, or 326.1 points, at 25,390.46 while the China Enterprises Index, the H-share gauge, spiked 1.34 percent, or 131.75 points, at 9,967.2.

Shares of blue-chip heavyweights Tencent Holdings (0700) and HSBC Holdings (0005) climbed 0.79 percent and 1.03 percent respectively.

Pharma stocks rallied. CSPC Pharmaceutical Group (1093), the biggest blue-chip gainer at break, soared 7.75 percent while Sino Biopharmaceutical (1177) surged 7.34 percent.

Apple suppliers extended losses into the second day after Apple slashed its quarterly sales forecast, blaming slowing iPhone sales in China. AAC Technologies Holdings (2018), the worst performer among blue-chips at break, tanked 2.44 percent while Sunny Optical Technology Group (2382) shed 1.87 percent.

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