November 23, 2016 / 8:22 AM / 2 years ago

Hong Kong shares steady, Wall Street and China inflows support

Nov 23 (Reuters) - Hong Kong shares held steady on Wednesday, taking their cue from Wall Street’s record run and helped by Chinese money flowing into the city as the yuan weakened further.

Gains were capped, however, by fears that a strengthening dollar and a possible U.S. interest rate hike next month would channel money away from emerging markets.

The Hang Seng index was unchanged at 22,676.69, while the China Enterprises Index gained 0.2 percent, to 9,665.99 points.

Sector performance was mixed. Financial and property stocks rose but energy shares corrected after recent gains.

HSBC said in its latest strategy report that it continues to “have a relative preference for the Hong Kong market”, because of its attractive valuation and still strong, despite softening southbound inflows from China amid yuan depreciation expectations.

On Wednesday, Chinese investors spent 1.3 billion yuan ($188.61 million) buying Hong Kong shares via the Shanghai-Hong Kong Connect scheme, with a similar investment link between Hong Kong and Shenzhen expected to be launched soon.

$1 = 6.8927 Chinese yuan Reporting by Samuel Shen and John Ruwitch; Editing by Jacqueline Wong

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