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Hong Kong Market gains 0.71%
(16:33, 11 Feb 2019)
Headline indices of the Hong Kong share market closed higher on Monday, 11 February 2019, on optimism for developments on the U.S.-China trade situation, as negotiations are set to continue in Beijing later this week. At closing bell, the Hang Seng Index added 197.52 points or 0.71% to 28,143.84. The Hang Seng China Enterprises Index rose 60.35 points or 0.55% to 11,016.93. Turnover increased to HK$88.1 billion from HK$81.3billion on Monday.

The key focus this week is the latest round of trade talks as U.S. negotiators prepare to press China on longstanding demands that it reforms how it treats American companies' intellectual property. U.S. Trade Representative Robert Lighthizer and Trade Secretary Steven Mnuchin will met Chinese officials on Thursday and Friday. The latest round of talks follows a meeting between China's Vice Premier Liu He and U.S. officials in Washington at the end of January. A 90-day truce in the trade war between the two nations is scheduled to end on March 1. This week's meeting probably won't result in a deal because the divergence on intellectual property rights is too big to close, and it is hard for China to make big concessions. Although the two sides will unlikely reach an immediate agreement on these issues, “the market is expecting the deadline to be extended so people are not prepared to be too negative (on share prices) at this point.

Blue chips were firmer. HSBC (00005) edged up 0.2% to HK$66. HKEX (00388) rose 0.4% to HK$241.8. China Mobile (00941) nudged down 0.1% to HK$82.2. Tencent (00700) jumped 1.9% to HK$352. AIA (01299) added 0.5% to HK$74.4.

Huawei's smartphone shipping grew 23.3% in 4Q 2018. JP Morgan said in a research report that the mobile phone maker will present a 3-camera feature for its P30 Pro model. It expects that Sunny Optical (02382) will be one of the suppliers. Sunny shot up 7.6% to HK$87.05.

AAC Technologies (02018) jumped 5.1% to HK$50.85. Comba Telecom Systems (02342) surged 10.5% to HK$2.11. BYD Electronic (00285) gained 3.8% to HK$10.22. Tongda Group (00698) ascended 4% to HK$1.05. Cowell e Holdings (01415) advanced 6.1% to HK$4.86.

Chinese automakers were higher after Citi Research's target price hike. Geely Automobile (00175) jumped 5% to HK$13.74. Dongfeng Motor (00489) added 1% to HK$8.12. BYD (01211) gained 1.6% to HK$47.5.

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