[ET Net News Agency, 22 March 2018] HK stocks closed weaker on Thursday in tandem with
the softer tone of the Dow overnight after the Fed raised interest rate by 25 basis points
as market expected. The Hang Seng Index opened up 161 points to 31,575. It briefly rose
274 points and then pared all its gains by midday. In afternoon trade, the index fell as
much as 396 points to 31,018 as Tencent (00700) broke below HK$440.
The Hang Seng Index ended down 343 points or 1.1% to 31,071. The H-share index fell 94
points or 0.8% to 12,427. Turnover decreased slightly to HK$151.9 billion from HK$152.9
billion on Wednesday.
The northbound quota balance of the Shanghai-HK Connect program was RMB12.831 billion,
accounting for 98.7% of the daily allowed quota of RMB13 billion. The southbound quota
balance was RMB10.7 billion, higher than the daily allowed quota of RMB10.5 billion. It
indicated that a net outflow of RMB200 million.
As for the Shenzhen-HK Connect, the northbound quota balance was RMB12.695 billion,
accounting for 97.7% of the daily allowed quota of RMB13 billion. The southbound quota
balance was RMB8.963 billion, or 85.4% of the daily allowed quota of RMB10.5 billion.
Tencent (00700) slid 5% to HK$439.4 despite its earnings report came in better than
expectations. But some research houses said its game revenues were disappointing. Tencent
was the worse blue-chip loser.
Oil prices rose 3% overnight on reduced crude inventory. Sinopec (00386) was unchanged
at HK$6.74. CNOOC (00883) nudged up 0.5% to HK$11.7. PetroChina (00857) added 1% to
HK$5.53.
Sunny Optical Technology (02382) inched up 0.4% to HK$160.5. AAC Technologies (02018)
also shot up 1.8% to HK$156.2.
Chinese developers were mixed, with China Resources Land (01109) inching up 0.2% to
HK$30.1. Country Garden (02007) fell 0.2% to HK$16.42. (KL)