Performance of Hong Kong stocks was volatile today. Hang Seng Index closed lower by 16 pts or 0.07% to 23,987 today. The upswing of Shanghai Composite Index boosted up the Hang Seng China Enterprises Index, which gained 131 pts or 1.2% to 11,145. Market turnover amounted to $90.24 billion.
As reports said the deposit insurance system is expected to be rolled out early next year in Mainland, medium and small-sized banking stocks outperformed. CITIC BANK (00998.HK), BANKCOMM (03328.HK), MINSHENG BANK (01988.HK) and CM BANK (03968.HK) surged 8.9%, 6.5%, 4.8% and 4.3% respectively. BANKCOMM became the strongest blue chip today. ICBC (01398.HK) rose 1.5%.
HSBC HOLDINGS (00005.HK) underperformed the broad market as it slipped 0.6% to $77.05. TENCENT (00700.HK) reversed direction and declined 0.9% to $124. CHINA MOBILE (00941.HK) climbed 0.6% to $95.55.
As OPEC maintained the daily production limit unchanged, Brent oil futures hit over 4-year low. Oil-related stocks saw a slump. CNOOC (00883.HK) tumbled 5.5% to $11.34, becoming the weakest blue chip.
PETROCHINA (00857.HK), KUNLUN ENERGY (00135.HK) and SINOPEC CORP (00386.HK) dropped 3.3%, 3.1% and 1.2% respectively. Oil services stocks were under pressure. CHINA OILFIELD (02883.HK) plunged 6.4% and became the worst HSCEI constituent. HILONG (01623.HK), HONGHUA GROUP (00196.HK), SPT ENERGY (01251.HK) and ANTON OILFIELD (03337.HK).
AAStocks Financial News
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