bodyType

customContents

entityId

entityUuid

articlePageQuery

filter

article

articleBaseAdvertisingInfoArticle

articleListArticle

articleSeoArticle

hooksArticleAcknowledgementGateOverlayArticle

hooksTrackPageViewArticle

hooksContentInterestArticle

articleLinkingDataContent

hooksAmpRedirectArticle

articleSchemaContent

liveArticle

advertZone

sentiment

contentLock

topics

types

sections

paywallTypes

createdDate

publishedDate

urlAlias

moreOnThisArticles

sponsorType

commentCount

authorLocations

authors

corrections

displaySlideShow

multimediaEmbed

printHeadline

seriesContainer

articleSpeeches

socialHeadline

headline

images

flag

firstTopic

glossary

flattenTypeIds

image

relatedLinks

relatedNewsletters

__typename

sponsor

pdfFiles

seriesReverseOrder

series

disableOffPlatformContent

published

updatedDate

summary

subHeadline

body

keywords

readingTime

customTimezone

liveContents

Deb Price

Snow Xia

Hong Kong and China stocks extended gains Friday as investors bet that the US and China will agree on a partial deal in their 19-month trade war.
The Hang Seng Index rose 1.1 per cent higher to 26,498.37, with gains by property developers as well as benchmark heavyweight Tencent, which climbed 1.7 per cent to HK$335.
Meanwhile, the Shanghai Composite Index rose 0.4 per cent to 2912.01, climbing for a second straight day.
Kweichow Moutai, the world’s most valuable liquor maker and one of the most heavily traded stocks on the Stock Connect, jumped 3.6 per cent to 1,170 yuan. That was its biggest percentage gain since September 18, when it shot up 5 per cent.
The Shenzhen Composite Index rose 0.8 per cent to 9,878.62, which was its fifth straight session of gains.
China to exempt US soybeans and pork from tariffs
The interim trade deal drove sentiment.
Despite Beijing’s anger about legislation in the US supporting Hong Kong protesters and Uygur Muslims, investors are betting it wants to strike a deal with the US over trade tariffs, which have added to its challenge of dealing with an economic slowdown. New US tariffs on Chinese goods are set to go into effect on December 15.
In what was seen as a fresh sign China wants a deal, it announced on Friday afternoon that some purchases of US soybeans and pork by domestic companies would be exempt from tariffs, although few details were provided. That followed a step by China last month to allow US poultry imports, which have been banned since 2015 due to an outbreak of bird flu.
From oil rigs to Wall St, HKEX chief executive Charles Li has seen it all – and is using his experience to diversify Hong Kong’s bourse
But Brock Silvers, managing director of Adamas Asset Management, said investors may be too optimistic.
“We’re definitely seeing some trade optimism in the market, and it seems unwarranted or at least significantly premature,” said Silvers.
“(US President Donald) Trump has commented that a deal may be in the works for mid-December, but this is a common tactic with him. No details have been released, and other reports claim that China needs more time to recover from recent US bills (supporting Hong Kong protesters and Uygur Muslims), while others report the two sides can’t even agree on the size of China’s future soy purchases.
“I see no reason to think there’s an imminent deal, nor do we know what such a deal might include,” Silvers added.
Leading the Hang Seng Index in terms of percentage change were Apple supplier AAC Tech, which shot up 9 per cent on expectations of high iPhone sales, and Sunny Optical, which jumped 6 per cent.
Property developers were among the day’s big gainers. Sun Hung Kai Properties rose 1.7 per cent, Henderson Land climbed 1.2 per cent, and New World Development advanced 1.6 per cent to HK$10.20.
In addition, tech stocks rallied.
Alibaba jumped 2.8 per cent, posting its second straight session of gains. Tencent advanced 1.7 per cent. Xiaomi rose 2.8 per cent. And Meituan Dianping climbed 1.6 per cent.
In China, wireless earphone stocks and e-cigarettes stocks were the top performing sectors.
Wireless earphone stocks rose 3.8 per cent, according to a gauge tracking the sector.
Apple AirPods craze spreads to China, becoming music to the ears of wireless-headset stock investors
Edifier Technology shot up 10 per cent, after gaining 10 per cent yesterday, and Shenzhen Fenda Technology also rose 10 per cent, which is the upside limit in the mainland. Luxshare Precision – a major Apple AirPod supplier – rose 3.5 per cent.
E-cigarette stocks advanced 3.4 per cent.
Shenzhen Jinjia rose 8.3 per cent, Kunshan Kersen Science & Tech shot up 10 per cent, and EVE Energy climbed 3.1 per cent.
Chinese authorities banned online e-cigarettes sales a month ago to try to protect adolescents from vaping. That is creating fierce battling among e-cigarettes companies in offline sales channels, such as shopping malls and convenience stores.
Stocks of tire pressure monitoring system makers continued on their roll.
Gainers included Ningbo Tianlong Electronics, which jumped 6.8 per cent to 12.31 yuan, and EVE Energy, which rose 3.1 per cent. to 49.58 yuan.
In October, China’s Ministry of Industry and Information Technology announced that all new cars will have to have electronic monitoring systems as of January 1.


China halts trading in 5 silver and oil funds to limit risk amid volatility

UK and China weigh cross-border asset-management scheme to deepen market ties

China seeks ‘slow bull’ rally

Hong Kong stocks end 7-day rally as investors resort to profit-taking

China stock market

Hong Kong, China stocks extend gains on growing sentiment Washington and Beijing will strike an interim trade deal

Kweichow Moutai, the world’s most valuable liquor company, jumped 3.6 per cent on Friday. That was its biggest gain in more than two months. Photo: Martin Chan

China to exempt US soybeans and pork from tariffs

Some soybean imports from the US will be exempt from the levies. Photo: Reuters

This photo taken on August 10, 2018 shows a pig standing in a pen at a pig farm in Yiyang county, in China's central Henan province. The powdery yellow mixture of soybean-based feed for pigs -- one-fifth soy -- has become pricier as the trade spat between China and the US escalates, with Beijing slamming US soybean imports with tariffs of 25 percent last month. / AFP PHOTO / GREG BAKER / TO GO WITH China-US-trade-pork, FOCUS by Becky DAVIS

This picture taken on October 23, 2018 shows farmers drying soybeans in Liaocheng in China's eastern Shandong province. (Photo by STR / AFP) / China OUT

Apple AirPods craze spreads to China, becoming music to the ears of wireless-headset stock investors

Apple CEO Tim Cook visited AirPods' Chinese supplier Luxshare Precision Industry in December 2017. Luxshare’s stock has shot up more than 200 per cent this year. Photo: Weibo

Business

Markets


Liquor giant Kweichow Moutai jumps 3.6 per cent
AAC Technologies soars 9 per cent on expectations of high Apple iPhone sales



Despite Beijing’s anger about US bills supporting Hong Kong protesters and Uygur Muslims, investors are betting it wants to strike a deal with the US over trade tariffs amid an economic slowdown.


Hong Kong, China stocks extend gains on growing sentiment Washington and Beijing will strike an interim trade deal

.css-1mniedq{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;} Liquor giant Kweichow Moutai jumps 3.6 per cent AAC Technologies soars 9 per cent on expectations of high Apple iPhone sales

Liquor giant Kweichow Moutai jumps 3.6 per cent

AAC Technologies soars 9 per cent on expectations of high Apple iPhone sales