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Georgina Lee

Deb Price

Good day, traders --
The Hang Seng eked out a small gain, thanks in part to Tencent's continuing march. On the mainland, the main benchmarks closed down.
Catch up on the day's action below.
BTW, thanks again to all of you who filled out our survey! We learned so much.
Also, if you would like the Live Stocks Blog emailed to you each morning, click here. 
-- Georgina Lee and Deb Price in Hong Kong 
Note: Information in this blog is on an "as is" basis and not a solicitation or offer to buy or sell any securities or otherwise; and is not investment/professional advice or services in this regard.  It is subject to our T&C.  SCMP (as defined in T&C) shall not be liable for any loss, damage and costs relating to any investments in securities or otherwise in this connection.


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Stocks

Hang Seng Index ekes out small gain; Tencent, MTR, Mengniu Dairy advance

Cathay Pacific said on Tuesday its November traffic to Hong Kong plunged by nearly half year on year. Photo: Winson Wong

The bull sculpture in Shanghai. Photo: Bloomberg

Business

Markets

BeiGene falls again on blood cancer drug’s results
Cathay says number of passengers coming into the city plunged by nearly half in November year-on-year; stock slips 0.2 per cent 


Tencent (700 HK) gained. It has risen on nine of the 10 last sessions. Liquor distiller giant Kweichow Moutai (600519 CH) lost 0.2 per cent to 1,168 yuan.
 


Hang Seng Index

China stock market

Cathay Pacific

Kweichow Moutai

Live

Here’s what we are watching this morning:
Friday US markets/ What futures foretell
--The S&P 500 rose  0.03 per cent, the Nasdaq rose 0.1 per cent and the Dow Jones Industrial Average advanced 0.1 per cent. 
-- Hong Kong futures gained 0.4 per cent, and the FTSE China A50 futures rose 0.1 per cent
IPO debuts: Maike Tube Industry Holdings (1553 HK), Tailam Tech Construction Holdings (6193 HK) 
Economic statistics/Central Bank action:  Nothing major scheduled 
Earnings: No major earnings    


Morning guidance 

Cathay Pacific’s stock has taken investors on a bumpy flight since it got caught up in the Hong Kong protest storm. But it has risen four of the past five sessions, including jumping 3.5 per cent on Tuesday. 
That put the city’s flagship carrier at HK$11.20. The last time it closed above HK$11 was  nearly five months ago, when on July 31 it finished the session at HK$11.08.
Analysts don’t see it rising much more over 12 months, betting overall that it will rising about 4 per cent to HK$11.65 over 12 months. But of those tracked by Bloomberg, 11 rate it a buy, six a hold and two a sell.
On Tuesday, Cathay reported that its number of passengers coming into the city plunged by nearly half year on year last month, as protests prompted passengers to go elsewhere or just delay trips. 
“Overall, our expectation is that the rest of 2019 will remain incredibly challenging,” said Ronald Lam Siu-por, Cathay Pacific’s chief customer and commercial officer. (Full story on Cathay’s latest numbers by Danny Lee can be read here.)
 

-- Deb Price    


Cathay Pacific stock has been gaining 

Copenhagen-based Saxo Bank, in which Chinese carmaker Zhejiang Geely Holding Group has a 51 per cent controlling stake, has formed a joint venture with its parent to offer financial and regulatory services to banks and financial technology businesses on the mainland. 
The Danish online financial products trading platform said the 50-50 venture with the parent would utilise technologies such as cloud-based services, big data and artificial intelligence to serve Chinese institutions in areas of trading and investment, robo-advisory, asset management, risk solutions and regulatory technology. Geely Holding, which controls Geely Automobile (175 HK), said it would fully support the deployment and operation of the joint venture, especially in providing local know-how.
Daniel Ren   


Geely’s Saxo Bank looks to tap Chinese market

CSOP FTSE China A50 ETF (2822 HK), an exchange traded fund issued outside the mainland to invest directly in the A-share market, received US$120 million of subscriptions on Tuesday, the largest single-day fund inflow this year, as international investors returned to mainland equities as market sentiment improves.
Total inflow over the last four trading days hit US$240 million, the fund said.
The Shanghai Composite Index gained 1.3 per cent to 3,022.42 on Tuesday, completing a three-day winning streak buoyed by increasing capital influx. 
The benchmark advanced 3.7 per cent since Friday when Beijing and Washington reached consensus on the terms of a “phase one” trade deal.
-- Daniel Ren   


Offshore A-share ETF sees huge fund inflow

The Hang Seng Index rose 0.3 to 27,924.58, with 20 of the 50 constituent members showing gains on improving sentiment after China and the US reached a mini trade deal. 
Tencent (700 HK) rose 1.7 per cent to HK$377.60, as investors see the stock as cheap compared to rival Alibaba (9988 HK). Alibaba, the Chinese e-commerce giant, slipped 0.3 per cent to HK$203.20. 
Cathay Pacific (293 HK) fell 0.9 per cent, after reporting on Tuesday that its number of passengers coming into the city plunged by nearly half year on year last month amid protests.
CSPC Pharmaceutical Group (1093 HK) continued to rise, gaining 0.7 per cent to HK$18.48.
-- Deb Price 


Tencent rises, Alibaba and Cathay fall

The Shanghai Composite Index inched up by less than 0.1 per cent to 3,024.64.
Liquor giant Kweichow Moutai (600519 CH) declined 0.2 per cent to 1,168.19 yuan.
Among mainland stocks in additional to Kweichow Moutai that are heavily traded by northbound investors:
-- Jiangsu Hengrui Medicine (600276 CH)  fell 1.2 per cent to 85.03 yuan.
Among sectors in mainland markets, mini LED stocks jumped 1.2 per cent, smart watch stocks rose 2.1 per cent while e-cigarette stocks fell 0.9 per cent, according to gauges tracking them.
-- Deb Price    


Shanghai inches up; Kweichow Moutai slips 

Maike Tube (1553 HK), JS Global Lifestyle (1691 HK), and Tailam Tech Construction (6193 HK) started trading on the main board of Hong Kong Stock Exchange.
The share price of Maike Tube (1553 HK) shot up 66.6 per cent to HK$ 3.80 at the open, from the offering price of HK$ 2.28. The shares were oversubscribed by 7.27 times.
The Chinese company produces and exports pipe-related products. In terms of export volumes, it was ranked the first in China’s prefabricated pipe nipple industry with a market share of 7.1 per cent in 2018.
The share price of JS Global Lifestyle (1691 HK) rose about 1 per cent to HK$ 5.25 at the open, from the offering price of HK$ 5.2. The shares were oversubscribed by 1.68 times.
JS manufactures and sells small household appliances. Among all small household appliances providers, by market share, it was ranked the sixth globally, the second in the US, and the third in China in 2018, according to a Frost & Sullivan report.
The share price of Tailam Tech Construction (6193 HK) shot up nearly 31 per cent to HK$ 1.7 at the open, from the offering price of HK$ 1.3. The shares were oversubscribed by 44.99 times.
Tailam manufactures and sells concrete-related products, including PHC pile, which is used for laying foundation of buildings, in Jiangsu Province, China.  Among more than 40 players in the relevant sector, it was ranked sixth in terms of both PHC pile production volume and sales revenue in Jiangsu province in 2018, according to a Frost & Sullivan report.
Maike Tube (1553 HK), JS Global Lifestyle (1691 HK), and Tailam Tech Construction (6193 HK) started trading on the main board of Hong Kong Stock Exchange. @SCMPNews @scmpbusiness pic.twitter.com/hHOHaBJqel
  — Snow Xia (@SnowXia05) December 18, 2019
 
—Snow Xia   


Maike Tube soars 66.6 per cent in Hong Kong debut

Daiwa Capital Markets reiterated its “buy” rating on Cathay Pacific Airways (293 HK), despite its weaker passenger demand in November.
The buy rating reflects “limited downside risk on the back of its low valuations. Key risks include lower-than-expected passenger traffic and yield,” analysts Kelvin Lau and Frank Yip wrote in a new note.        
Inbound passenger growth fell 46 per cent year on year in November from a decline of 35 per cent in October. Outbound traffic improved to minus 8 per cent in November, much better than minus 13 per cent and minus 9 per cent in October and September, respectively, they noted.
The stock is trading flat at HK$11.20.
-- Deb Price       


Daiwa Capital Markets reiterates ‘buy’ rating on Cathay Pacific

All 65 stocks on the Nasdaq-styled Science and technology innovation board in Shanghai known as the Star Market rose in early trading.
That comes after a strong performance on Tuesday when another tech board in Shenzhen, ChiNext, saw its index rose to a near-19 month high. 
Some analysts say Chinese investors’ demand for tech stocks has recently been revived by improved sentiment on US-China trade relations.
Kingsemi (688037 CH), which listed on the Star Market on Monday, rose 20.51 per cent to 71.1 yuan; Jiangsu Eazytec (688258 CH) rose 20 per cent to 94.81 yuan; Suzhou HYC Tech (688001 CH) rose 9.3 per cent to 49.29 yuan; Beijing Balance Medical Tech (688198 CH) rose 7.2 per cent to 40.44 yuan; and Raytron Tech (688002 CH) rose 6.5 per cent to 39.61 yuan
Star Market stocks are not yet available on the Stock Connect.
-- Georgina Lee   


Star Market stocks have one thing in common -- they are all rising in early trading

Hang Seng trading ahead by 0.3 per cent; Shanghai gains 1 per cent

Tencent (700 HK) is on track to post gains on nine of the past 10 sessions, rising 1.4 per cent to HK$376.40 in early trading.
Since the December 4 close, it has advanced 13 per cent.
“For Tencent, its recent performance is better than my expectation,” said Kenny Wen, wealth management strategist at Everbright Sun Hung Kai.
“I think given market sentiment improved significantly, investors are chasing those underperformed stocks which have fundamentals support, like Tencent. Meanwhile, several brokerage houses issued positive comments on it, which also helps.”
 

-- Deb Price    


Tencent continues its roll

ZTE (763 HK) jumped in Hong Kong and Shenzhen after the Chinese mobile communications giant unveiled its flagship 5G handset, Axon 10s Pro, which it hopes to launch in the Chinese market during the first quarter 2020.
Based on Android 10 operating system, it has a thickness of 7.9 mm,  one of the thinnest 5G phones available in the market, according to several tech media outlets.
In August, it was the first handset maker to launch a 5G phone in China, with its predecessor model, Axon 10 Pro 5G.
Shares of ZTE (763 HK) were up 3 per cent to HK$23.85,  and in Shenzhen (000063 CH) they were up 3.3 per cent at 34.49 yuan.
-- Georgina Lee 


ZTE shares gain on new 5G phone

JS Global Lifestyle (1691 HK), which debuted in Hong Kong today, has been cutting supply costs to reduce the impact of US tariffs so that its products remain affordable to consumers, president Mark Adam Barrocas said after the initial public offering.
About half of of the small household appliance maker's revenue is generated in North America. In the US, it sells under the brands Shark and Ninja. In China, its products sell under the brand Joyoung.
The company has been hit by tariffs since September of last year.
“While tariffs problems were not completely solved, a big portion of Shark and Ninja business is tariffs exempt…So overall, about 33 per cent of Shark and Ninja business will be tariffs impacted,” said Barrocas.
Its appliances like vacuums and air fryers continue to face a US 25 per cent tariff. (Here is a full story by Chad Brag about JS Global Lifestyle and the impact tariffs have had on it.) 
—Snow Xia


Newly listed JS Global Lifestyle finding ways to reduce impact of US tariffs

The Hang Seng is down 0.02 per cent to 27,839.22, while the Shanghai Composite Index is down 0.08 per cent at 3,020.


Hang Seng Index, Shanghai Composite turn slightly down

The Shanghai northbound Stock Connect saw its strongest buy orders so far this month on Tuesday, the latest available data on the Hong Kong stock exchange shows. 
Net inflow into Shanghai A shares totaled about 5 billion yuan, a rough calculation based on exchange data shows. 
The northbound Stock Connect is subject to a daily 52 billion yuan quota for each of the  Shanghai and Shenzhen connects. It serves to limit net buying value every day. 
A lower daily quota balance indicates stronger buy order turnover for the day. On Tuesday, the daily quota balance dropped to 88 per cent, meaning about 12 per cent of the daily quota available was consumed by net buying orders.
Investors were buying Kweichow Moutai (600519 CH); Ping An Insurance (601318 CH); and Jiangsu Hengrui Medicine (600276 CH).
-- Georgina Lee   


Northbound Stock Connect sees strong buy orders

The Shanghai benchmark reversed morning gains, dropping less than 0.1 per cent, to 3,020.
Several stocks heavily traded by foreign investors lost ground.
Ping An Insurance (601318 CH) slipped less than 0.1 per cent to 86.11 yuan; Jiangsu Hengrui Medicine (600276 CH) lost 1.6 per cent to 84.7 yuan. Meanwhile, China National Software and Services (600536 CH) lost 1 per cent to 79.02 yuan.
-- Georgina Lee 


Jiangsu Hengrui Medicine falls as Shanghai turns down

MTR (66 HK), the owner and operator of Hong Kong’s subway, gained 0.7 per cent in morning trading, rising to HK$46.35.
Other blue chip gainers included Hengan International (1044 HK), the Chinese diaper and sanitary napkin maker, rose 2.5 per cent to HK$57.15, while Mengniu Dairy (2319 HK) gained 1.8 per cent to HK$31.85.
The Hang Seng will start the afternoon with a loss of nearly 0.1 per cent, last trading at 27,822.79.
-- Deb Price 


MTR, Hengan International and Mengniu Dairy among gainers in Hong Kong

European private bank Pictet Wealth Management said it expects the US-China trade war to continue to weigh on China’s GDP growth in 2020, as it forecasts growth dropping to 5.9 per cent, from 6.2 per cent expected for 2019.
Senior Asia economist Dong Chen said in an email note that the latest trade negotiations and the phase one deal do not, and cannot, change the nature of the tensions.
“The deal itself could be fragile, especially in light of bipartisan support for a hawkish stance on China in the US at the moment,” he wrote.
Pictet expects the People’s Bank of China to maintain an easing bias next year to support domestic demand, by cutting both the required reserve ratios of commercial banks and policy interest rate. It however did not say by how much nor how many times it expects these rates would be cut.
-- Georgina Lee


Pictet Wealth expects US-China trade war to continue to weigh on China’s GDP growth

The People’s Bank of China has cut the rate on its 14-day reverse repurchase agreement by five basis points, to 2.65 per cent from 2.7, while leaving the rate on the seven-day reverse repo unchanged at 2.5 per cent, according to information on its website.  
With the 14-day reverse repo cut, it also injected a total of 200 billion yuan liquidity into the financial system.
Analysts expect the reverse repo rate cut and liquidity injection are aimed at easing interbank short-term liquidity tightness caused by the tax season in China. Through a reverse repo the central bank buys short-term bonds from commercial banks with an agreement to sell them back in the future. The reverse repo is part of China central bank’s open market operations.
“The PBOC will continue to closely follow market liquidity conditions, and will flexibility conduct its open market operations in order to maintain a stable liquidity conditions for the year end,” it said.
-- Georgina Lee 


China central bank cuts 14-day reverse repo by 5 basis points, injects liquidity  

The market has high expectations on outbound travelers and visitors coming to Hong Kong during Christmas, and Cathay Pacific (293 HK) should be the major beneficiary, says Alan Li, portfolio manager at Atta Capital.
Li is sticking with his call that the Hang Seng Index will rise to 28,000 by the end of the year.
“The HSI  may face a bit resistance before 28000, but I don’t expect a deep adjustment,” Li said.
He expects investors to prefer index stocks that are laggards, such as Tencent (700 HK) and HSBC (5 HK). 
The Hang Seng has turned back up, and is now a teensy bit ahead by 0.01 per cent at 27,845.44.
Tencent has given up some of the morning gains, but is ahead by nearly 1 per cent at HK$374.80. HSBC has slid 0.4 per cent to HK$60.45.
Cathay has turned up, and has gained 0.2 per cent to HK$11.22.
-- Deb Price    


Investors taking fresh look at Tencent, HSBC, says analyst Alan Li

Daiwa Capital Markets reiterated its “buy” recommendation on Sun Hung Kai Properties (16 HK) after the Kwok family said on Monday it would buy a 25 per cent stake in the office portion of the developer’s West Kowloon project.
“We see this as a sign that SHKP and the Kwok family are still willing to commit sizeable capital to HK despite all the challenges and uncertainties in the immediate future. We also see this as a constructive move for SHKP’s shareholders and should bode well for its commitment to keep growing its dividends in the coming years, in our view,” analyst Jonas Kan writes in a new note today.
Daiwa kept its 12-month target price for SHK at HK$160.80. That’d be a gain of nearly 39 per cent from Tuesday’s close for investors in Hong Kong’s biggest developer by market value.
Kan said the purchase ranks as  one of the highest if not the highest investments ever made by a private company on a single property project globally. 
“We also note that this investment was made at a time when HK is facing significant uncertainties. Historically, HK has always been a market for crises; in the past, investors who bought in HK during crises eventually won. We note that each of the past crises ...  had something unique. Only time will tell whether the current challenge faced by HK is really different, but we see the moves made by SHKP and the Kwok family as indications that there is at least still some capital willing to follow the past conventional wisdom in HK (the last time SHKP made such brave investments was in 2000 when it committed to the Kowloon Station).”
Of analysts tracked by Bloomberg, 15 rate SHK a buy, one a hold, and one a sell, with a consensus target price of HK$147.29.
SHK won the plot on Austin Road atop the West Kowloon High Speed Rail Station – the biggest plot ever sold in the city – for a record HK$42.23 billion in November. (Read full story by Daniel Ren here.) 

 
-- Deb Price   


Daiwa Capital Markets reiterates ‘buy’ rating on Sun Hung Kai Properties

At least three senior employees are leaving Cathay Pacific (293 HK) amid a fresh round of staff departures at the struggling airline.
These include two general managers and the head of a business support unit who were understood to have resigned.
The latest moves came amid warnings of more job cuts at the Hong Kong flagship carrier’s 27,000-work force amid more than six months of protests.
Cathay Pacific declined to comment on personnel matters.
On Tuesday, Cathay said inbound passengers for November shrank 46 per cent, compared with the same time last year, a fourth straight month of high double-digit declines.
Shares of Cathay Pacific were up 0.2 per cent, at HK$11.22.
More details about what’s up at Cathay here.
-- Georgina Lee 


Cathay to see three senior employees depart

Mainland property developer Times China (1233 HK) said its soon-to-be spun off unit, Times Neighbourhood, has set offer price for its global offering at HK$5.15.
That is slightly above the mid-point of the indicative range at  HK$4.23 -$5.8. 
This means that its global offering involving 161.8 million shares will raise HK$833.2 million for the company, Times China said in an exchange announcement. 
The separate listing of Times Neighbourhood will begin Thursday, under the stock code (9928 HK). Times China’s shares were down 0.1 per cent at HK$15.3.
-- Georgina Lee 


Times Neighbourhood to be priced at HK$5.15; debuts in Hong Kong on Thursday

The Hang Seng Index is down 0.2 per cent at 27,793.50, while the Shanghai Composite is down 0.3 per cent at 3,014.


Hang Seng, Shanghai turn down in choppy trading

Sun Hung Kai’s record purchase of a commercial site in West Kowloon could boost its rental income when it is finished in 2028, with an estimated gross rental yield of about 4 per cent, Bloomberg Intelligence writes in a new note today.
“The unit price of the site at HK$13,345 a sq ft is 73% below the transacted price of an office site at Murray Road in Central district acquired by Henderson Land at HK$50,064 a sq ft in May 2017. Its sale of 25% stake of the office portion to the Kwok family could reduce its land cost by HK$9.4 billion,” BI writes. 
“Its estimated net debt-to-shareholder equity ratio is 18.7%, compared to 12.9% as of end-1H. The site could provide a total gross floor area of 2.82 million sq ft for office and 349,000 sq ft for retail,” BI says.
Bloomberg  Intelligence expects SHK (16 HK) will continue to dominate Hong Kong home sales over the next decade “as its extensive residential land bank dwarfs those of competitors.”
But BI expects the developer will be challenged selling luxury homes, especially to mainland Chinese, amid the ongoing protests in the city.  
SHK won the plot on Austin Road atop the West Kowloon High Speed Rail Station – the biggest plot ever sold in the city – for a record HK$42.23 billion in November. (Read full story by Daniel Ren here.) 
SHK has lost nearly 1 per cent today to HK$115.70.
-- Deb Price 


Sun Hung Kai to get rental income boost from West Kowloon site, Bloomberg Intelligence says 

Daimler is seeking to buy a majority stake in its Chinese joint venture with BAIC Group, Reuters reported today, after initial efforts to raise its stake failed. 
The German auto giant, which owns the Mercedes-Benz brand and counts Geely Group as its shareholder, has been exploring several options to boost its control over their joint venture, Beijing Benz Automotive, which includes raising its stake to 75 per cent from the current 49 per cent, Reuters reported citing unnamed sources. 
The joint venture is the main profit contributor of BAIC Group’s Hong Kong-listed company BAIC Motor (1958 HK). BAIC Motor  is down 5.3 per cent at HK$4.45. 
-- Georgina Lee   


BAIC drops on Reuters’ report about Daimler’s plan to raise stake in their China JV

Innovative cancer drug developer BeiGene (6160 HK) extended declines after announcing in a Hong Kong filing Tuesday that its drug Brukinsa failed to show statistical superiority in treating Waldenstrom’s macroglobulinemia, a blood cancer.
In its head-to-head test against AbbVie’s Imbruvica, BeiGene did show fewer side effects, such as fewer reports of irregular heartbeat. But the failure to show statistical superiority  disappointed investors. The stock plummeted 6.5 per cent Tuesday, and it is down 1.5 per cent to HK$98.45 today.
Analysts have been bullish on the stock, with 13 tracked by Bloomberg rating it a “buy,” none a “hold” and one a “sell,” with a consensus target price of HK$126.26.
Today, CICC reiterated its outperform rating on the stock, and lowered its target price to HK$126.10 from HK$138.40. But because the stock has fallen, CICC’s target price anticipates a 28 per cent gain rather than a 13.9 per cent gain over the coming 12 months. 
Also today, China Securities reiterated its buy on the stock.
Here’s a feature for investors about Chinese “moonshot” biotech companies like BeiGene. They can be highly volatile. But if they get breakthrough drugs to market, they can deliver big gains to investors.   -- Deb Price    


BeiGene falls again on blood cancer drug’s results

The initial euphoria surrounding Chinese stocks earlier this week faded today. Even the surprising cut in the 14-reverse repo rate and liquidity injection by the central bank failed to entice investors in.
The CSI 300, which tracks blue chips listed on Shanghai and Shenzhen, lost 0.2 per cent to  4,032.78; while the Shanghai Composite Index lost 0.2 per cent to 3,017.04. 
Trading was mixed, as the indexes see-sawed between positive and negative territories throughout the day. But at day end, both indexes closed lower, dragged down by healthcare stocks. 
Jiangsu Hengrui Medicine (600276 CH) lost 1.5 per cent , to 84.75 yuan, Wuxi Apptech (603259 CH) dropped 3.2 per cent to 94.64 yuan, and Joinn Laboratories (603127 CH) lost 4.9 per cent to 59.97 yuan. 
Index heavyweight Kweichow Moutai (600519 CH) lost 0.2 per cent to 1,168 yuan, while China Life (601628 CH) dropped 1 per cent to 34.77 yuan. 
The People’s Bank of China has cut the rate on its 14-day reverse repurchase agreement by five basis points, to 2.65 per cent from 2.7, while it injected a total of 200 billion yuan liquidity into the financial system, in another sign of its easing bias to stimulate the economy. 
But Chinese equities lost the momentum seen in the previous two days over stronger November industrial output and retail sales figures because they did not provide enough evidence that China’s economic slowdown has bottomed out, according to Xu Lei, an analyst with
Shenwan Hongyuan Securities based in Shanghai.
“One would need to observe at least three months of economic performance data to be able to say that the slowdown in China’s growth has turned a corner,” said Xu. 
European asset manager Pictet Wealth Management said it expects the US-China trade war to continue to weigh on China’s GDP growth in 2020, as it forecasts growth dropping to 5.9 per cent, from 6.2 per cent expected for 2019.
-- Georgina Lee    


China stocks snap two-day winning streak

Hong Kong investors were back on the sidelines today, watchful for what goodies that President Xi Jinping might announce for their neighbour Macau as the special administrative region celebrates its 20th anniversary of its handover to China this week.
The Hang Seng closed 0.2 per cent higher, to 27,884.21, after the benchmark meandered in a tight 195 point range to finally settle on positive territory, thanks to social media giant Tencent (700 HK), which rose 1.7 per cent to HK$377.6. CNOOC (883) rose 3.5 per cent to HK$12.48. 
The market is expecting President Xi will announce the setting up of a yuan stock exchange for the enclave, although not directly threatening the Hong Kong Exchanges and Clearing (388 HK), which closed 0.4 per cent higher to HK$257.6. 
Still, for Hong Kong which has been mired in violent protests into its seventh month, traders were holding back big bets on the city’s stocks, given its embattled economy is slated for a 1.3 per cent full year contraction for 2019.
Most of today’s gainers were China-related stocks. 
Industrial and Commercial Bank of China (1398 HK) rose 1 per cent to HK$5.93; China Construction Bank (939 HK) rose 0.6 per cent to HK$6.63; diary product maker Mengniu Dairy (2319 HK) rose 1.6 per cent to HKJ$31.8.
-- Georgina Lee   


Hang Seng Index ekes out small gain; Tencent, MTR, Mengniu Dairy advance

BeiGene falls again on blood cancer drug’s results Cathay says number of passengers coming into the city plunged by nearly half in November year-on-year; stock slips 0.2 per cent

BeiGene falls again on blood cancer drug’s results

Cathay says number of passengers coming into the city plunged by nearly half in November year-on-year; stock slips 0.2 per cent