HK stocks closed easier on Wednesday morning session after Moody's downgrades China's rating to A1 from Aa3 and changes outlook to stable from negative, despite the US equity markets rose for four consecutive sessions.
The Hang Seng Index ended the morning down 37 points to 25,365. The H-share index dropped 38 points to 10,356. Half-day turnover reduced to HK$37.3 billion from HK$42.1 billion on Tuesday. Hong Kong Exchanges and Clearing Limited said the Black Rainstorm Warning has not affected trading in the securities and derivatives markets, which continue to operate as normal.
Market heavyweights were mostly unchanged. China Mobile (00941) was flat at HK$86.25, while HSBC (00005) nudged up 0.07% to HK$67.7.
Tencent (00700) slid 1.16% to HK$272. IGG (00799) dipped 2.7% to HK$10.82 while Kingsoft (03888) fell 0.91% to HK$21.8 after its 1Q earnings announcement.
Cathay Pacific (00293) shot up 4.18% to HK$11.96, making itself the largest blue-chip gainer, after Goldman Sachs upgraded the stock and raised its target price to HK$10.9 from HK$9.8.
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