Procurement News Notice |
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| PNN | 5055 |
| Work Detail | Hong Kong stocks surged to fresh one-year high on Monday morning after major US indexes notched gains on Friday fuelled by expectations that the Federal Reserve will further postpone tightening interest rates in the wake of weak labour market data. The Hang Seng Index rose 1.3 per cent or 300 points at 23565 on Monday morning, the highest level in more than one year, while the Hang Seng China Enterprises Index was higher by 1.4 per cent or 134 points to 9825. Sinopec rose 1.96 per cent to $5.73 in early trades, while PetroChina climbed about 1 per cent to $5.23. The Shanghai Composite Index edged up by 0.15 per cent to 3070 while the CSI 300 — which tracks the largest companies listed in Shanghai and Shenzhen — rose 0.24 per cent to 3322. The Shenzhen Composite Index lost 0.49 per cent to 2019 while the Nasdaq style ChiNext was up 0.69 per cent to 2185. The People’s Bank of China on Monday cuts the yuan reference rate against the US dollar by 146 basis points to 6.6873, compared to 6.6727 last Friday. Traders are allowed to trade up to 2 per cent either side of the reference point for the day. Elsewhere around Asia, Tokyo’s Nikkei 225 extented gains, rising by 1.19 per cent to 17127. South Korea’s Kospi was up 0.98 per cent while Sydney’s All Ordinaries rose 0.81 per cent. All three major US indices inched higher on Friday. The Dow Jones Industrial Average closed 0.39 per cent up at 18491 and the S&P 500 was up by 0.42 per cent to finish at 2179. Meanwhile, the Nasdaq Composite rose 0.43 per cent to 5249. The gains were driven by diminished expectations of an interest rate hike following the release of August data showing non-farm payrolls grew by 151,000, less than the estimated 180,000. American Depository Receipts (ADRs) of Hong Kong-listed companies traded in the US mostly closed higher on Friday compared to their prices seen at Hong Kong close after conversion into the local price. The ADR of HSBC Holdings closed at HK$60.156, about 2 per cent higher than its Hong Kong close of HK$59 on Friday. Coal mining company Yanzhou Coal Mining gained 2.8 per cent to HK$4.59, compared with HK$4.52 at the close in Hong Kong. |
| Country | Hong Kong S A R , Eastern Asia |
| Industry | Financial Services |
| Entry Date | 15 Oct 2016 |
| Source | http://www.scmp.com/business/markets/article/2014796/hong-kong-stocks-set-kick-week-upbeat-note |
