Hong Kong, China stocks gain on upbeat consumption during ‘Golden Week’ and expectations of US rate cut
- Hong Kong property stocks lose ground after protests against mask ban
- Surveillance stocks rocked by US decision to add them to trade blacklist
Hong Kong and China stocks closed with small gains on Tuesday, boosted by upbeat consumption numbers during the “Golden Week” holiday on the mainland and growing confidence that the US Federal Reserve will lower rates later this month.
The Hang Seng Index closed up 0.3 per cent to 25,893.40, with Hong Kong Exchanges and Clearing gaining 2.3 per cent to HK$231.20 after it announced it would not sweeten its offer price to buy the London Stock Exchange.
Property stocks, which continue to be hammered by protests roiling the city, kept gains in check.
New Development closed down 2.5 per cent to HK$10.14 and Link REIT lost 2.4 per cent to finish at HK$85.35. MTR, which owns the city’s subway system and a number of malls, ended down 0.1 per cent at HK$43.60. Over four days since Friday, subway stations were vandalised, leading to closures, as protesters acted out their outrage at the city’s decision to ban masks in public.
“Chinese consumer stocks have been doing well because ‘Golden Week’ consumption figures in the mainland are looking good,” Kenny Tang Sing-hing, chief executive of China Hong Kong Capital Asset, said before the market closed.