Hong Kong shares rose on Friday, catching up to global market gains in the previous session, but the threat of fresh US tariffs against China capped gains and prompted investors to switch to sectors seen as less exposed to the worsening trade dispute. The benchmark blue chip Hang Seng index ended up 1.1 percent, or 326.25 points, at 29,844.94, with the China's H-shares index closing up 0.9 percent at 11,967.66.
The indexes had climbed over 1.2 percent in early dealings as traders returned from a holiday and caught up to Thursday's global gains, but they quickly turned tail amid a fresh escalation in the US-China trade dispute. The sub-index of the Hang Seng tracking energy shares rose 1.8 percent while the IT sector rose 1.58 percent, the financial sector was 1.04 percent higher and property sector rose 1.21 percent.
The top gainer on Hang Seng was Sunny Optical Technology Group Co Ltd, up 3.6 percent, while the biggest loser was WH Group Ltd, which fell 3.4 percent. The top gainers among H-shares were Anhui Conch Cement Co Ltd, up 5.3 percent, followed by Shenzhou International Group Holdings Ltd gaining 3.5 percent. About 1.75 billion Hang Seng index shares were traded, roughly 89.6 percent of the market's 30-day moving average of 1.95 billion shares a day.
Comments
Comments are closed for this article.