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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Chinese Stocks Climb in Hong Kong, Heading for Weekly Advance

Chinese Stocks Climb in Hong Kong, Heading for Weekly Advance

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Melissa Pereira


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
China’s stocks rose in Hong Kong, with the benchmark gauge heading for its biggest weekly advance in five months, after Deutsche Bank AG recommended buying the shares and speculation grew that the government will step up measures to revive a flagging economy.
The Hang Seng China Enterprises Index climbed 0.4 percent to 9,821.98 at 1:50 p.m. local time, taking this week’s gains to 7.1 percent. Air China Ltd. and Citic Securities Co. climbed more than 2 percent to lead the advance on Friday. TheShanghai Composite Index fell 1.1 percent to trim a weekly increase to 0.1 percent.
Deutsche Bank sees the gauge of so-called H shares rallying 33 percent by the end of the year as the government deploys more fiscal stimulus, according to a report. Dual-listed stocks in Hong Kong cost less than half the price of their identical shares on mainland bourses. Price swings in Shanghai shares are near the widest in 18 years despite unprecedented government intervention to stop a $5 trillion rout.
“After the volatility in the A shares the last several months,
investors worry about the policy-driven market so they go for H
shares now if they want to buy Chinese stocks,” said Kenny Tang, chief executive officer of Jun Yang Securities Co. “They’re more stable and will not be intervened in by the government.”
The Hang Seng Index added 0.3 percent in Hong Kong, while the CSI 300 Index lost 1 percent. The value of shares traded on the Shanghai exchange was 47 percent below the 30-day average for this time of day.

Overseas Orders

CRRC Corp., China’s biggest maker of railway equipment, advanced 1.8 percent after its vice president said the company plans to double overseas contracted sales to as much as $15 billion in the next five years.
The offshore yuan pared gains in Hong Kong after the currency strengthened 1.2 percent versus the dollar on Thursday amid signs of state intervention. The central bank support of the yuan abroad was the latest in a series of extraordinary efforts to slow the flow of capital out of the country and safeguard the currency following the largest devaluation in more than two decades in August. By aligning the offshore yuan rate with the onshore rate, China is attempting to stem speculation of further declines, traders said.
Traders decreased holdings of shares purchased with borrowed money on Thursday, with the outstanding balance of margin debt on the Shanghai Stock Exchange falling 0.4 percent to 619.9 billion yuan ($97 billion).
China’s plan to introduce a stock-market circuit breaker would help calm volatility, according to analysts in a Bloomberg survey.
Twelve of the 15 respondents were in favor of the proposal while remainder were against. Under the current plan, a move of 5 percent by the CSI 300 Index would trigger a 30-minute halt for stocks, options and index futures, according to a joint statement on Monday by the nation’s two bourses and the futures exchange.
Courtesy: Bloomberg Business 11 September 2015

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