Hang Seng Index holds on to gains

Business | Agencies and Winnie Lee 5 Jun 2020

Hong Kong stocks were up for a fourth consecutive day, with a street stall-related share Wuling Motors (0305) surging after Premier Li Keqiang said China would support the street stalls and small stores to inject vitality into the economy.

The Hang Seng Index closed at 24,366.3, up by only 0.17 percent after it reached 24,643.84 points in the morning trading session. The four-day rally has seen the index rise by around 1,400 points.

Wuling Motors, which produces vans for mobile stalls and booths jumped 63.93 percent. Its accumulated rise over two trading days was 1.51 times.

Hong Kong Exchange and Clearing (0388) eased after it peaked at HK$295.4, closing at HK$292, down by 0.14 percent.

HKEX said the daily transaction volume in May was HK$114.7 billion on average, up 18 percent year-on-year. It had risen 15 percent for the first five months.

Share of Wang On properties (1243) plunged by 68.75 percent after midday, but the board of directors said they didn't know the reason for the slump.

Shares of Meituan Dianping (3690) rose 5.73 percent to HK$164.2, a new high.

Meanwhile, oil prices fell on doubts over the ability of crude producers to agree to extend record output cuts, heightened by worries over a build in US fuel inventories.

In the United States, the S&P 500 was set for its best 50-day rally ever, according to LPL Financial research. The index has recovered over 37.7 percent in the last 50 trading days. Based on this track record, US stocks are expected to rise over the next 12 months, it said.

In other news, the onshore yuan fell 124 points yesterday to 7.1223 for one US dollar, ended the four-day uptrend.

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