HK blue chips rally by more than 500 points on trade pact newsBusiness | 13 Dec 2019 12:05 pm
Stocks in Hong Kong rallied by midday today, rising by more than 500 points on news that of an agreement on an interim Sino-US trade pact.
Overnight, stocks reached new highs on Wall Street.
The benchmark Hang Seng Index was at 27,551.46, up by 557.32 points, or 2.06 percent at the break.
Shares in Alibaba Group (9988) dipped by 0.10 percent at K$200.00, after climbing earlier past HK$200. Insurer AIA Group (1299) picked up 3.01 percent at HK$82.15.
Shares of Macau casino operators gained on the news that President Xi Jinping plans to announce policies aimed at diversifying Macau’s economy, including the establishment of a yuan-denominated stock exchange.
Galaxy Entertainment (0027) climbed by 5.44 percent to HK$57.15, becoming the biggest blue-chip percentage winner. Sands China added 5.18 percent to HK$39.60 as of noon. MGM China (2282) surged 7.46 percent to HK$12.96 and Wynn Macau (1128) went up by 7.1 percent to HK$18.5.
Trade stocks overall gained. Shares of WH Group (0288) increased by 1.63 percent to HK$8.1, Shenzhou International (2313) also added 1.12 percent to HK$108.2.
Techtronic Industries (0669) went up by 3.28 percent to HK$62.95 and Sunny Optical Technology (2382) rose 1.36 percent to HK$141.20.
Only two stocks slid during the morning trading session. CSPC Pharmaceutical dipped by 0.56 percent to HK$17.76. AAC Technologies (2018), one of Apple's suppliers, also slipped by 0.3 percent to HK$65.50.
In mainland China, the Shanghai Stock Exchange Composite Index was at 2,938.90, up by 23.20 points, or 0.80 percent.