Hong Kong stocks end 1.34% higher

Written by admin on 07/30/2019 Categories: 佛山桑拿论坛

Hong Kong shares have jumped 1.

南宁桑拿

34 per cent as traders welcomed data showing Chinese manufacturing picked up in March from an eight-month low.

The benchmark Hang Seng Index on Tuesday added 297.48 points to 22,448.54 on turnover of $HK69.24 billion ($A9.66 billion).

China said its official purchasing managers index (PMI) of manufacturing activity came in at 50.3 for March, up slightly from February’s eight-month low of 50.2. A figure above 50 points to growth while anything below indicates contraction.

Economists had forecast the figure to remain unchanged.

While the uptick was small, the data is a rare piece of good news out of Beijing, which has released a string of weak indicators in recent months including on trade, investment and industrial production.

Those have fuelled speculation that policymakers will announce measures to kick-start the world’s second-largest economy and key driver of global growth, although most analysts have ruled out a huge stimulus package.

However, banking giant HSBC said its own PMI for the country had fallen to 48.0 last month from 48.5 in February, and worse than its initial estimate of 48.1.

Internet giant Tencent surged 3.89 per cent to $HK560.5 and Wing Hang Bank added 0.16 per cent to $HK123.2 after Singapore lender OCBC offered to buy it for almost $US5 billion ($A5.41 billion).

Macau casino firms soared, with Sands China up 8.97 per cent at $HK63.15 and Galaxy Entertainment added 7.19 per cent to $HK72.3.

HSBC gained 0.25 per cent to $HK78.75 and Cathay Pacific Airways jumped 1.52 per cent to $HK14.68.

In China, the benchmark Shanghai Composite Index rose 0.70 per cent, or 14.15 points, to 2,047.46 on turnover of 64.5 billion yuan ($A11.25 billion).

The Shenzhen Composite Index, which tracks stocks on China’s second exchange, gained 1.65 per cent, or 17.13 points, to 1,057.01 on turnover of 73.5 billion yuan.

“The better-than-expected PMI data to some extent eased concerns about the outlook for the economy,” Zhang Yanbing, an analyst at Zheshang Securities, told Dow Jones Newswires.

Property developers led the gains. China Vanke added 0.3 per cent to 8.11 yuan, Huayuan Property soared by its 10 per cent daily limit to 3.25 yuan and Poly Real Estate rose 1.18 per cent to 7.70 yuan.

Technology firms rebounded on bargain-hunting. On the Shenzhen market, Beijing Orient National Communication Science & Technology surged 9.50 per cent to 39.20 yuan and Shenzhen Tat Fook Technology jumped 8.91 per cent to 21.15 yuan.

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