[ET Net News Agency, 23 July 2018] HK stocks closed firmer on Monday morning session in
volatile trade following the weaker close of the US equity markets on Friday despite the
US president Donald Trump threatened to impose tariffs on US$500 billion worth of Chinese
products.
The benchmark index opened up 74 points to 28,298. It briefly touched an intra-day high
of 28,391 (up 167 points) and then dipped 133 points to an intra-day low of 28,091,
hitting a new low for the year.
The Hang Seng Index ended up 41 points or 0.1% to 28,266. The H-share index rose 56
points or 0.5% to 10,739. Half-day turnover decreased to HK$42.2 billion from HK$44.8
billion on Friday.
Tencent (00700) dipped 1.8% to HK$369.8. AIA (01299) rose 0.7% to HK$68.25. HSBC (00005)
nudged up 0.3% to HK$73.4. HKEx (00388) edged down 0.3% to HK$233.4. Swire Pacific (00019)
shed 3.6% to HK$81.95 after it issued profit warning.
Chinese banks were generally higher as the PBoC today conducted operation of 1-year
RMB502 billion medium-term lending facility (MLF). CCB (00939) rose 1.3% to HK$6.95. ICBC
(01398) bounced 1.3% to HK$5.63. BOC (03988) was unchanged at HK$3.61. BankComm (03328)
nudged up 0.7% to hK$5.51. CM Bank (03968) gained 2.3% to HK$29.45. ABC (01288) added 2.2%
to HK$3.7.
Chinese insurers were mixed. China Taiping (00966) jumped 2.7% to HK$26.7. Ping An
(02318) rose 0.6% to HK$72. China Life (02628) slipped 1% to HK$19.78. (KL)