[ET Net News Agency, 17 January 2019] HK stocks closed firmer on Thursday morning
session following a rally of the Dow overnight. The blue chips index opened up 51 points
to 26,953. It briefly fell as much as 199 points to an intraday low of 26,703.
The Hang Seng Index ended up 98 points or 0.4% to 27,000. The H-share index rose 50
points or 0.5% to 10,605. Half-day turnover increased to HK$56 billion from HK$49.3
billion on Wednesday.
Blue chips and pharmaceutical counters saw bargain-hunting orders. HSBC (00005) edged up
0.3% to HK$65.35. HKEX (00388) nudged up 0.3% to HK$239.4. Tencent (00700) added 1.9% to
HK$337.2. AIA (01299) inched up 0.1% to HK$69.8. But China Mobile (00941) shed 0.6% to
HK$80.85.
Citi has recently published a research report saying that pharmaceutical counters are
deeply undervalued. Sino Biopharmaceutical (01177) soared 5.1% to HK$6.15. Livzon
Pharmaceutical (01513) shot up 5.7% to HK$25.1. CSPC Pharmaceutical (01093) climbed 3.2%
to HK$12.96. WuXi AppTec (02359) climbed 2.4% to HK$69.15 on Goldman Sachs's coverage
initiation with a target price of HK$96. WuXi Biologics (02269) jumped 3% to HK$60.3.
BYD (01211) slid 3% to HK$44.7 after Morgan Stanley chopped its target price by 40% and
downgraded it to "underweight". Geely Automobile (00175) gained 2.8% to HK$11.84 on Credit
Suisse's upgrade. Dongfeng Motor Group (00489) also added 2.2% to HK$7.82. Brilliance
China Automotive (01114) rose 2.4% to HK$6.93. (KL)