Daily Report | Hong Kong stocks close slightly lower while Shanghai advances, in sign regional investors have ‘digested’ Brexit concerns
The Hang Seng Index ends 0.16 per cent lower; Shanghai Composite Index advances 1.45 per cent
Hong Kong’s stock market on Monday ended marginally lower, paring sharper losses earlier in the session, in a sign that stocks are beginning to find support at current levels as investors have digested the Brexit factor.
Analysts also believe the market may be deriving support from expectations of a pending announcement of the Shenzhen Hong Kong Stock Connect launch.
The Hang Seng Index ended at 20,227.3, down 0.16 per cent or 31.83 points from Friday’s close, recovering from a weak opening that saw the benchmark down as much as 276.47 points.
The Hang Seng China Enterprises Index closed at 8,567.21, up 0.44 per cent or 37.11 points, reversing from an opening loss of as much as 129.63 points.
Shares of Hong Kong Exchanges and Clearing rose 0.93 per cent to HK$ 184.40, boosted by expectations of a Shenzhen stock connect announcement, possibly as early as this week.
Among local retailers, Sa Sa International jumped 8.8 per cent to HK$3.09, Chow Sang Sang Holdings added 2.39 per cent to HK$12.86, and Oriental Watch Holdings increased 2.22 per cent to HK$ 0.92.