July 29, 2020 / 8:59 AM / 14 days ago

Hong Kong stocks rise on strong onshore inflows, new virus cases curb gains

* HK->Shanghai Connect daily quota used 2.9%, Shanghai->HK daily quota used 6%

* HSI +0.5%, HSCE +0.4%, CSI300 +2.4%

* FTSE China A50 +1.6%

SHANGHAI, July 29 (Reuters) - Hong Kong’s Hang Seng index edged up on Wednesday, buoyed by strong inflows from onshore market, though concerns over a resurgence of coronavirus cases in the city kept gains in check. ** At the close of trade, the Hang Seng index was up 117.41 points, or 0.47%, at 24,801.94. The Hang Seng China Enterprises index rose 0.37% to 10,176.14. ** The sub-index of the Hang Seng tracking energy shares dipped 0.6%, while the IT sector rose 0.29%, the financial sector ended 0.78% higher and the property sector gained 0.8%. ** Concerns over politics and the security law for Hong Kong have only caused limited outflows, in the opposite, capital inflow from onshore China stayed “extraordinarily strong,” with hope to enjoy the China tech sector listing boom, wrote Ken Cheung Kin Tai, Chief Asian FX strategist at Mizuho Bank Ltd, in a Wednesday note. ** Hong Kong leader Carrie Lam has warned the city is on the brink of a large-scale outbreak of the coronavirus and urged people to stay indoors as much as possible as strict new measures to curb the disease’s spread take effect on Wednesday. ** China’s main Shanghai Composite index closed up 2.06% at 3,294.55 points, while the blue-chip CSI300 index ended up 2.42%, both posted best daily performance in more than a week. ** Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.2%, while Japan’s Nikkei index closed down 1.15%. ** The yuan was quoted at 6.9995 per U.S. dollar at 08:04 GMT, 0.04% firmer than the previous close of 7.002. (Reporting by Shanghai Newsroom; Editing by Krishna Chandra Eluri)

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