Hong Kong Stocks Rebound from Two-Month Low; SF Holding Underwhelms in Debut

MT Newswires Live11-27

Hong Kong stocks pocketed gains on Wednesday, rebounding from two-month lows in previous sessions, after data showed a slowdown in the decline of China's industrial profits.

The Hang Seng Index climbed 2.32%, or 443.93 points, to close at 19,603.13. The Hang Seng China Enterprises Index rose 2.57%, or 175.84 points, to end at 7,027.40.

China's industrial profits fell 10% year over year in October, significantly narrowing from the 27.1% slump in September, according to data released by the country's statistics bureau.

In a statement, NBS statistician Yu Weining said profits in most industries improved compared with the previous month, with equipment and high-tech manufacturing contributing to the growth.

In corporate news, SF Holding (HKG:6936, SHE:002352) saw a lackluster trading debut in Hong Kong. The logistics service provider closed at HK$34.3 per share, unchanged from its IPO price.

China Dongxiang (Group) (HKG:3818) recorded a profit attributable to owners of 137.0 million yuan for the six months ended Sept. 30, rebounding from an attributable loss of 409.7 million yuan a year ago. The company's shares closed nearly 11% higher on Wednesday.

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