[ET Net News Agency, 19 September 2018] HK stocks closed modestly higher on Wednesday
morning session in tandem with the rally of the Dow overnight. Investors shrugged off the
potential impact of trade wars after both China and the US imposed tariffs on each other's
imports.
The benchmark index opened up 85 points to 27,170. It briefly gave up all its gains, but
then marched upward again, and rose as much as 330 points to an intraday high of 27,415.
The Hang Seng Index ended up 263 points or 1% to 27,348. The H-share index rose 158
points or 1.5% to 10,715. Half-day turnover increased to HK$50.4 billion from HK$40.1
billion on Tuesday.
Oil prices rose more than 1% on signs that OPEC would not be prepared to raise output.
CNOOC (00883) rose 2% to HK$14.88. Sinopec (00386) gained 2.6% to HK$7.79. PetroChina
(00857) added 2.1% to HK$6.18.
Li Ka Shing, and his son Li Tzar Kuoi, chairman of CK Asset (01113) have bought the
company's shares for seven consecutive days. CK Asset rose 1.5% to HK$61.15.
A newswire reported that US president Donald Trump has exempted Apple products from
tariffs on Chinese imports. Sunny Optical (02382) jumped 2.3% to HK$94.45. Meanwhile, UBS
Research upgraded the optical products manufacturer to "buy".
Following the escalating of US-China trade wars on tariff imposition, investors turned
to consumer plays. China Mengniu Dairy (02319) jumped 4% to HK$23.35. Want Want (00151)
advanced 1.5% to HK$6.62. Uni-President China (00220) shot up 8.8% to HK$8.28. Tingyi
(Cayman Islands)(00322) gained 1% to HK$14.14. (KL)