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Hong Kong stocks close higher after strong China exports surprise

Reuters2021-09-07

  • Hang Seng index ends up 0.73%.
  • China Enterprises index HSCE rises 1.04%.
  • HSI property sector down 1% as Evergrande slumps.

SHANGHAI, Sept 7 (Reuters) - Hong Kong shares rose on Tuesday after data showed China's exports unexpectedly grew at a faster pace in August, helping to take some of the pressure off the world's second-biggest economy in the midst of an uneven recovery.

Exports from China rose in August at a faster-than-expected rate of 25.6% from a year earlier, up from a 19.3% gain in July, pointing to some resilience in China's industrial sector.

At the close of trade, the Hang Seng index was up 190.00 points or 0.73% at 26,353.63. The Hang Seng China Enterprises index rose 1.04% to 9,468.22.

The sub-index of the Hang Seng tracking energy shares rose 1.3%, while the IT sector rose 2.05% and the financial sector ended 0.21% higher.

The top gainer on the Hang Seng was Li Ning Co Ltd, which gained 7.27%, while the biggest loser was Country Garden Holdings Co Ltd, which fell 4.06%.

The property sector fell 0.98% as investor concerns over highly indebted developer China Evergrande Group continued to hit the company's shares and bonds.

The three biggest H-shares percentage decliners were Evergrande Property Services Group Ltd, which fell 7.96%, China Evergrande Group, which fell 7.75% and China Feihe Ltd, down 4.32%.

China's main Shanghai Composite index closed up 1.51% at 3,676.59 points, while the blue-chip CSI300 index ended up 1.2%.

About 1.84 billion Hang Seng index shares were traded, roughly 85% of the market's 30-day moving average of 2.17 billion shares a day. The volume traded in the previous trading session was 1.91 billion.

At close, China's A-shares were trading at a premium of 40.46% over Hong Kong-listed H-shares.

(Reporting by Andrew Galbraith; Editing by Shounak Dasgupta)

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Comment8

  • jhhh
    ·2021-09-07
    Nice
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  • MartinKuah
    ·2021-09-07
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  • miyakos
    ·2021-09-07
    Latest
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  • foreret
    ·2021-09-07
    Good....
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  • DenisL
    ·2021-09-07
    Good news 
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  • Paulie13
    ·2021-09-07
    Aaa
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  • Grest
    ·2021-09-07
    Strong
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  • iamjingxian
    ·2021-09-07
    Cool
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