HONG KONG: Hong Kong’s main Hang Seng index ended firmer on Tuesday, led by gains in property stocks, after developer Country Garden said it expected upbeat first-half results. The Hang Seng China Enterprises index closed higher.
The Hang Seng index ended up 429.32 points or 1.54 percent at 28,248.88. The Hang Seng China Enterprises index closed 1.53 percent higher to 10,866.10.
The sub-index of the Hang Seng tracking energy shares ended 2.8 percent higher, while the IT sector closed up 1.36 percent, the financial sector ended 1.05 percent firmer and property sector closed up 2.55 percent.
The top gainer on Hang Seng was Country Garden Holdings Co Ltd, which ended 6.79 percent firmer, while the biggest loser was WH Group Ltd, which closed down 0.81 percent.
Country Garden shares gained after the company said it expects its first-half profit to rise at least 50 percent from a year ago on increased sales revenues.
China’s main Shanghai Composite index closed up 2.74 percent, its biggest gain since May 2016. The blue-chip CSI300 index ended 2.92 percent higher, its biggest gain since August 2016.
Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.79 percent, while Japan’s Nikkei index closed 0.69 percent higher.
The yuan was quoted at 6.8366 per US dollar at 0813 GMT, 0.22 percent firmer than previous close of 6.8519.
As of previous trading session, the Hang Seng index was down 7.02 percent this year, while China’s H-share index dropped 8.6 percent. As of previous close, the Hang Seng lost 2.67 percent this month.
The top gainers among H-shares were China Vanke Co Ltd , which ended up 4.92 percent, followed by China Resources Land Ltd, which closed up 4.66 percent and Shenzhou International Group Holdings Ltd, which closed 4.08 percent firmer.
The biggest H-shares percentage decliners were Huaneng Power International Inc, which ended down 1.26 percent and China Telecom Corp Ltd, which closed 0.3 percent down.
About 1.60 billion Hang Seng index shares were traded, roughly 85.9 percent of the market’s 30-day moving average of 1.86 billion shares a day. The volume traded in the previous trading session was 1.49 billion.
At close, China’s A-shares were trading at a premium of 17.88 percent over the Hong Kong-listed H-shares.
The price-to-earnings ratio of the Hang Seng index was 10.72 as of last trading day, while dividend yield was 3.4 percent.
So far this week, the market capitalisation of the Hang Seng index has risen by 0.46 percent to HK$18.02 trillion.
The short and one-factor leveraged Hang Seng index, which is designed to replicate the payoff of a short or leveraged portfolio and is linked to the movements of the Hang Seng Index, was lower by 1.54 percent on the day at 5,005.1 points.
Source: Brecorder
