May 27, 2020

Hang Seng closes higher on expectations of China-US negotiations

The benchmark index of the Hong Kong Stock Exchange, the Hang Seng, closed on Tuesday with a 0.23% rise driven by new signs of optimism surrounding trade negotiations between the United States and China.

The Hong Kong parquet reacted positively to the statements of the President of the United States, Donald Trump, in which he was hopeful about the possibility that Washington and Beijing sign their new trade pact at the APEC summit that will take place in mid-November in Chile.

Chinese Vice Minister Le Yucheng also said today that "there are no disagreements between China and the United States that cannot be resolved," in clear reference to the dispute between both powers.

Thus, Hang Seng today added 60.52 points to 26,786.20 units, but the index that measures the activity of companies in mainland China listed on the Hong Kong parquet, Hang Seng China Enterprises, lost 0.16 %.

Three of the sub-indexes of the parquet closed in green – that of Commerce and Industry gained 0.44%, the Financial one 30% and that of Services 0.21% – while the Real Estate company lost 0.74%.

Volatile day in the real estate sector, highlighting the collapse of China Res Land, which fell to the canvas with a 7.88% down.

Other titles such as China Overseas (1.13%) or Country Garden (0.93%) also fell, but companies such as Sino Land (1.32%) and Wharf Reic (0.56%) saved the furniture.

Good day for banks, with earnings for Hang Seng Bank (0.73%), ICBC (0.55%) or the HSBC conglomerate (0.41%).

Among the oil companies, Sinopec closed unchanged, but Cnooc and Petrochina lost their results: losses of 0.50%.

Badly today the telecommunications companies, with losses for China Mobile (1.06%) and especially for China Unicom, of 3.84%.

Tencent, the main value by weight of the price on the parquet, today revalued 0.86%.

Another outstanding rise of the day was carried out by AAC Tech, from the same technology sector, which closed 5.75% above.

The turnover of the day was 75,180 million Hong Kong dollars (9,590 million dollars, 8,610 million euros).

. (tagsToTranslate) Hang (t) Seng (t) expectations (t) negotiations (t) China-USA

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