Hong Kong stocks fall despite Wall Street records, but China resource plays bullish - Business News | The Star Online

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Hong Kong stocks fall despite Wall Street records, but China resource plays bullish


  • Markets
  • Wednesday, 13 Sep 2017

SHANGHAI: Hong Kong stocks dipped on Wednesday, as Asian equities slipped from 10-year highs despite Wall Street hitting record highs overnight.

The Hang Seng index fell 0.3 percent, to 27,894.08, while the China Enterprises Index lost 0.5 percent, to 11,187.07 points.

Financial shares were the biggest drag, but resource stocks remained bullish, as investors bet China's sweeping pollution crackdown, and continued efforts to reform its bloated sector, will push commodity prices higher.

An index tracking commodity producers rose nearly 2 percent, led by Chinese steelmakers such as Maanshan Iron and Angang Steel.

Hong Kong-listed shares of Chalco continued to jump, up roughly 4 percent and touching six-year highs, after the Chinese aluminium maker on Tuesday suspended trading in China-listed A-shares pending a major announcement.

The Hong Kong-listed shares have surged more 112 percent.

The trading halt has strengthened expectations Chalco could become the latest target of government-orchestrated restructuring of the state sector. - Reuters

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