HSI closes down 369 points, ends six-day winning run

Business | 14 Jan 2019 5:45 pm

Stocks in Hong Kong snapped a winning streak of six consecutive sessions on Monday as Chinese government data showed exports contracted in December.

The benchmark Hang Seng Index declined 1.38 percent, or 368.94 points, to close at 26,298.33 while the China Enterprises Index, the H-share gauge, slid 1.55 percent, or 162.51 points, at 10,292.44.

Chinese tech giant Tencent Holdings (0700) skidded 2.84 percent, or HK$9.4, to HK$321.8 while another blue-chip giant HSBC Holdings (0005) lost 1.3 percent, or 85 HK cents, to HK$64.55.

Energy stocks tumbled as oil prices fell. CNOOC (0883), the biggest blue-chip loser of the day, tanked 4.68 percent to HK$12.22 and PetroChina (0857) dived 3.16 percent to HK$4.9.

Shares of Value Partners (0806) slumped 5.08 percent to HK$5.04. The local investment advisory issued a profit warning, saying it expected its net profit in 2018 to drop 89 percent year-on-year.

Meanwhile, Chinese computer maker Lenovo Group (0992) rose 5.33 percent to HK$5.73 after Goldman Sachs raised the stock from a "neutral" rating to a "buy" rating.

Turnover on the main board amounted to HK$73.68 billion.

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