7 de octubre de 2014 / 4:48 / en 3 años

Hong Kong shares continue recovery as democracy protests ease

* HSI +0.5 pct, H-shares +0.4 pct, China shut for holiday

* Some retail names fall on weak sales during Golden Week

* China Unicom rises on Barclays upgrade

* Glencore stronger after Rio spurns merger approach (Updates to midday)

By Grace Li

HONG KONG, Oct 7 (Reuters) - Hong Kong shares rose for a third straight day on Tuesday, with investor confidence recovering as the city’s pro-democracy demonstrations calmed down and behind-the-scenes talks showed some signs of progress.

At midday, the Hang Seng Index was up 0.5 percent to 23,433.49 points. The China Enterprises Index of the top Chinese listings in Hong Kong was up 0.4 percent.

Markets in mainland China will reopen on Wednesday after a week-long National Day holiday.

“In the short term, a lot of investors are quite optimistic that the Occupy Central movement is cooling down,” said Jackson Wong, associate director at United Simsen Securities. “The effect of that will be less and investors start to focus more on the fundamentals right now.”

The recent falls provided good buying opportunities for some high-quality stocks with limited operations in Hong Kong, according to Wong. Tencent Holdings, which sank to a 3-1/2-month low last week, gained 1.3 percent on Tuesday.

Wong added that people were focusing on the cross-border trading link, expected to be launched later this month. “If they can announce a definite schedule in the short term, I think that would help overall sentiment.”

Some local retail-related stocks were still weaker, as the unrest disrupted operations and drove away tourists.

In a statement late on Monday, the Hong Kong Retail Management Association said the decline in retail sales during the Golden Week ranged from 15 percent to more than 50 percent. Sectors that took the biggest hit included watches and jewellery, fashion, accessories and catering.

In Tuesday’s trading, cosmetics chain Sa Sa International Holdings slid 1.7 percent, while shopping mall owners Wharf Holdings and Hysan Development slipped 0.3 and 0.4 percent, respectively.

China Unicom rose 1.4 percent after Barclays upgraded the stock from “equalweight” to “overweight”, saying recent share price weakness provided an opportunity to accumulate.

China Cinda Asset Management Co jumped 5.6 percent after Goldman Sachs raised the target price of its shares to HK$4.60 from HK$4.48.

Glencore Plc’s Hong Kong listing rose 3.8 percent after Rio Tinto said it had rejected a merger approach from the commodities trader to create a $160 billion giant. (Editing by Prateek Chatterjee)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below