HS50 futures rebound

Business | Agencies and Winnie Lee 26 May 2020

The Hong Kong HS50 index futures rebounded to around 23,000 following a 22-point increase on the Hang Seng Index yesterday despite social unrest that erupted over China's decision to implement a national security law in Hong Kong and the worsening US-China trade war.

China had announced it would implement the new law as the National People's Congress got under way in Beijing last week.

The HSI rose by 22 points, or 0.1 percent, to end at 22,952 yesterday after a rout on Friday. The HSI once fell by 382 points after protests over the national security law over the weekend.

Banking shares fell, with Hang Seng Bank (0011) shares falling 3.79 percent to HK$119.3, the worst-performing blue chip.

Wharf Real Estate Investment (1997) and Swire Properties (1972) fell to new lows.

Covid-19 vaccine developer CanSino Biologics (6185) plunged 13.92 percent, although the company said it had published a research article on its Covid-19 vaccine in The Lancet and Morgan Stanley raised the target price to HK$258 per share.

In other news, casino tycoon Stanley Ho Hung-sun was said to be critically ill. Shares in SJM (0880) rose 2.48 percent, and MGM China (2282) shares rose by 0.11 percent.

Tencent (0700) is buying a 20 percent stake in Japanese video games developer Marvelous for 500 million yuan (HK$543.3 million). Tencent shares rose 1.02 percent.

The controlling shareholder of Zhou Hei Ya International (1458) sold 102 million shares for HK$388 million last Friday. The stock price rose more than 4 percent yesterday.

Wang Tao, head of Asia economics and chief China economist at UBS, said she has not seen a massive flight in capital from Hong Kong recently.

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