Stocks climb on growing trade hopes

Top News | Agencies and Avery Chen 5 Nov 2019

The Hang Seng Index surged 446 points, or 1.7 percent, to 27,547, its highest since August 1, while the China Enterprises Index gained 1.8 percent, or 191 points, to 10,813, its highest since July 30.

The rise came as the United States and China said talks to end the 16-month-long trade war were progressing, with US officials saying a deal could be signed this month.

About 1.78 billion Hang Seng Index shares were traded, roughly 126.6 percent of the market's 30-day moving average of 1.4 billion shares a day.

At the close, China's A-shares were trading at a premium of 28.49 percent over Hong Kong-listed H-shares.

The Shanghai Composite Index increased 17.29 points, or 0.58 percent, to 2,975. China's offshore yuan strengthened as much as 0.27 percent to 7.0227 per dollar, reaching a key level as it heads closer to 7 per dollar on building trade optimism.

Pharmaceutical stocks saw positive performances, with CSPC Pharmaceutical Group rising 4.94 percent to HK$20.80 - its highest in more than a year - to become the biggest gainer among blue-chip stocks.

Index heavyweights rose with insurer AIA rising 3.33 percent to HK$82.15 with a market turnover of HK$2.41 billion and mainland tech giant Tencent rising 1.87 percent to HK$327.6 with a market turnover of HK$4.81 billion.

Shares of Sing Tao News Corp surged 17.42 percent to HK$1.55 with a market turnover of HK$52.85 million after announcing talks with a potential investor.

Newly listed companies performed well, with China Tobacco International's stocks increasing 8.15 percent to HK$19.90 after the mainland's tobacco regulator asked e-commerce platforms and businesses to shut down online stores selling e-cigarette products.

Mobile game publisher CMGE Technology's stocks climbed 22.41 percent to HK$4.26 after joining hands with Tik Tok to launch a game Japanese SNK authorized in the first quarter of next year and entering overseas markets.

In the initial public offering market, Pharmaron Beijing, a pharmaceutical research and development platform, kicked off its roadshow, seeking to raise at least US$500 million (HK$3.9 billion).

Shanghai Kindly Medical Instruments raised HK$832 million after pricing its flotation at HK$20.80, the top of the indicative price range.

avery.chen@singtaonewscorp.com

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