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Hong Kong sleeve stocks while Fed hopes to lift a region



HONG KONG (Nikkei Markets) – Hong Kong stock rose on Thursday, with losses for major equity and a warning over the forthcoming meeting between the American and Chinese presidents helping to drag the market despite widespread earnings in elsewhere in the region.

The Hang Seng Index ended the day 0.9% lower at 26,451.03 after rising as high as 26,923.33. The HSBC Holdings lender lost 1.5% and China's Industrial and Commercial Bank 1.3%, while Tencent Holdings, main internet services, up 0.9%. China Bank Construction was able to eradicate early earnings to drop 0.8%.

The local stocks ignored the strong bounce on Wall Street overnight after the US Federal Reserve Reserve Jerome Powell said that the policy rates were "neutral, fuel", the central bank can not raise interest rates by so much in the next quarters. that some have predicted. The index rejected a 0.6% dollar overnight, while the three large US equity meters increased by 2.3%. The ruling is still expected to expect the fourth rate this year's next month.

The Index of Nikkei Asia300 of regional companies outside Japan was 0.3%.

Hong Kong stock "has risen yesterday, before the Powell speech," said Kevin Leung, director of global investment strategy at Haitong International Securities in Hong Kong, adding that expectations of a slower track for rates hikes are already priced . Leung expects some to take profits in the near season, but said that December will be likely to "get more back."

In the mainland, Shanghai's Comprehensive Index rejected initial earnings to finish 1.3% lower. The traded yuan on the land was 0.1% against the dollar on 6.9462. Investors continue to expect the meeting between the U.S. and Chinese presidents at the G-20 conference this weekend.

"There will be no big increase" at the US President Donald Trump meeting and Xi Jinping China, but more bad news was unlikely, Leung said.

Jewelry Retailer Luk Fook Holdings International slipped 6.6% to HK $ 23.45 despite a 28.5% increase in net profit for the six months ending September 30 and jumping 25% in revenue. Nomura downgraded the stock to "neutral" from "buy" and cut its price target to HK $ 26.40 from HK $ 36.20, indicating weak gross profit margins than "expecting" and "one-off" one-off sales growth from a shop since October. Chow Tai Fook Jewelery Group rejected 6.9% before its results each year.

The 17.2% fashion retailer's Global Brands Group refused to say it had lost $ 284 million during April-September of last year's profits. Its revenue dropped 4.1% to $ 699 million.

China's Goldjoy Group added 2.7% of a technology product maker, after a unit agreed to buy an additional 28.2% share in the New Technology Group company for HK $ 411.9 million ($ 52.7 million), or HK $ 0.36 per share, taking its total proportion to 29.2%. New Sports Group shares rose by 71.9%.

CSI Properties raised 1.6%. An increase of 64.5% in a half-year net profit as revenue for the period was more than doubled.

Conceptual Holdings held 9.1% AV. The semiconductor distributor on Wednesday decreased by 7.2% in net profits for the six months up to September 30, but said the revenue had risen by 15.6% a year ago.

The advertising services provider Most Kwai Chung added 2.1% after reporting more than double their net profit for April to September.

– Amy Lam


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