Hang Seng bounces at break

Tuesday, July 24, 2018

Shares rallied at mid day today in Hong Kong. the benchmark Hang Seng Index added 1.49 percent or 419.90 points at 28,676.02.

Ping An Insurance (2318) climbed by 3.14 percent at HK$73.85.

Infrastructure and related stocks, including steel sectors were among the gainers today. Chongqing Iron & Steel (1053) surged nearly 20 percent to HK$1.39, a three-week high, as the steelmaker expects to record a net profit of about 760.0 million yuan for the first half, versus a net loss of 998.5 million yuan the same period a year ago.

Q Technology (1478), the supplier of Apple's camera lens, added more than 40 percent, following the announcement yesterday that it is developing the 3D structured light modules and under-glass fingerprint recognition modules business.

On the other hand, C Banner International (1028), the majority owner of UK-based department store House of Fraser, plunged 60 percent at midday to 56 HK cents. The company announced earlier that the resignation of its auditor, and is still looking for a new auditor to fill the vacancy.