Hong Kong Shares Maintain Winning Streak Despite US Chip Curbs; Great Wall Motor Surges 5%

MT Newswires Live12-03

Hong Kong stocks closed higher on Tuesday as investor sentiment remained positive despite new chip export restrictions by the US.

The Hang Seng Index rose 1%, or 196.03 points, to close Tuesday's trade at 19,746.32. The Hang Seng China Enterprises Index added 0.9%, or 63.08 points, to 7,072.13.

The new sanctions by the US, which have once again raised alarm bells and may lay the groundwork for another potential trade war, are applicable on three software types and 24 kinds of equipment, the South China Morning Post reported.

Chipmakers Semiconductor Manufacturing International (HKG:0981, SHA:688981) and Hua Hong Semiconductor (HKG:1347, SHA:688347) each fell nearly 2% amid news of the chip curb.

Investors, however, are hoping to find some relief in the form of new stimulus measures at a convention by Politburo, the Communist Party's elite decision-maker, later this month.

In corporate news, Great Wall Motor's (SHA:601633, HKG:2333) shares jumped over 5% after the carmaker experienced a 3.7% year-over-year boost in November sales to 127,394 units.

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