single

Hong Kong share market closed higher in lackluster trade on Tuesday, 09 April 2019, ahead of the U.S. Federal Reserve meeting minutes and inflation data, while uncertainties on the Sino-U.S. trade talks capped gains. At closing bell, the Hang Seng Index advanced 80.34 points or 0.27% to 30,157.49. The Hang Seng China Enterprises Index rose 21.35 points or 0.18% to 11,815.

Growing uncertainties on the Sino-U.S. trade front ahead of the Fed minutes release on Wednesday saw investors across the board adopt a cautious approach. Investor sentiment was hampered following news that U.S. officials are not satisfied yet about all the issues standing in the way of a deal to end the U.S.-China trade war. However, a top White House official also stated that progress had been made in talks with China last week. Growing uncertainties on the Sino-U.S. trade front ahead of the Fed minutes release on Wednesday saw investors across the board adopt a cautious approach.

Meanwhile, risk sentiments turned subdued on geopolitical tensions emanating from Libya and Iran. The recent news report that the US is proposing tariff hikes on the EU products and announcing a ban on 16 Saudi Arabians to arrive in the country adds volume into the geopolitical risk. The Trump administration moved toward imposing tariffs on about $11 billion in imports from the European Union, in response to the block's subsidies for aircraft maker Airbus.

Market participants are now awaiting minutes of the Federal Open Market Committee's March meeting, due on Wednesday, while the European Central Bank meeting on the same day is also on investors' radar. There is an expectation for a dovish-biased statement based on what came out in March. The larger issue is how concerned are our policy makers over the state of global economy. The US Federal Reserve last month abandoned projections for any interest rate hikes this year amid signs of an economic slowdown.

Blue chips were mixed. HSBC (00005) inched up 0.5% to HK$67. HKEX (00388) fell 1.1% to HK$282.4. Tencent (00700) was up 0.9% to HK$383.6. China Mobile (00941) shed 0.3% to HK$78.1. AIA (01299) nudged down 0.4% to HK$79.7.

Property counters rose across the board after the NDRC announced the relaxation of Hukou registration. Country Garden (02007) soared 5.3% to HK$13.22. China Overseas Land & Investment (00688) rose 0.8% to HK$30.3. China Vanke (02202) gained 1.9% to HK$34.9. Future Land Development (01030) surged 6.7% to HK$10.16.

Shares of handset components suppliers extended gains. Sunny Optical (02382) gained 3.1% to HK$107.2. AAC Technologies (02018) jumped 5.3% to HK$53.15. Tongda Group (00698) soared 6.6% to HK$0.97. BYD Electronic (00285) shot up 8.1% to HK$11.44. FIT Hon Teng (06088) advanced 3.7% to HK$3.94.

Pharmaceutical counters also maintained their rising momentum. Sino Biopharmaceutical (01177) surged 3.4% to HK$8.25. CSPC Pharmaceutical (01093) rose 2.5% to HK$16.32. Sihuan Pharmaceutical (00460) put on 5.2% to HK$2.01. Baiyunshan Pharmaceutical (00874) bounced 4.4% to HK$38.2.

TAGS

0 thoughts on “Hong Kong Market extends gain ahead of Fed meeting”

Post Comment



  Sure Shot Intraday Stock Future Trading tips Performance

Sure Shot Intraday Stock Future trading tips will be given usually at any time of the trading day whenever the trend occurs in market.

Get Intraday Tips / Delivery calls for FREE


View My Stats