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September 1, 2016

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HK shares linger near 10-month highs

HONG Kong stocks hovered near 10-month highs yesterday, capping a month of solid gains, amid signs that inflows of money from Chinese mainland accelerated in recent days as preparations for the Shenzhen-Hong Kong Stock Connect went into high gear.

The Hang Seng index fell 0.2 percent, to 22,976.88, but registered a stellar 5 percent gain for the month of August.

The China Enterprises Index lost 0.6 percent, to 9,541.80 points, posting a monthly gain of 6.5 percent.

Money inflows into Hong Kong under the Shanghai-Hong Kong Stock Connect scheme hit the highest level in two months on Tuesday.

The official Xinhua news agency said a similar scheme linking Hong Kong and Shenzhen is expected to be launched in mid- or late November.

Merrill Lynch analyst William Chan wrote a report last week advising clients to buy Hong Kong stocks likely to benefit from the link with Shenzhen.

Yesterday, most sectors ended lower, with raw material shares leading the decline.

Huadian Power slumped 4.7 percent to the lowest level in more than two years after saying its first-half profit dropped 30.9 percent.


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