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Business News/ Markets / Stock Markets/  Hong Kong stocks end higher, but snap 4-week rally on Sino-US tensions
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Hong Kong stocks end higher, but snap 4-week rally on Sino-US tensions

The Hang Seng index rose 0.4% to 26,835.92 on Friday, while the China Enterprises Index gained 0.4% to 10,624.65

Representational image (Bloomberg)Premium
Representational image (Bloomberg)

Hong Kong stocks snapped four weeks of gains on Friday on Sino-US tensions although a poll pointing to a recovery in China's economy helped them close higher for the day.

The Hang Seng index rose 0.4% to 26,835.92 on Friday, while the China Enterprises Index gained 0.4% to 10,624.65.

China's exports and imports are expected to rise at a faster pace in November, helped by strong demand and coronavirus-related disruptions at factories in other countries, a Reuters poll showed.

Data on Monday showed China's factory activity expanded at the fastest pace in more than three years in November, while growth in the services sector also hit a multi-year high.

For the week, HSI shed 0.2%, while HSCE lost 1.5%, both snapping a four-week winning streak.

In the short-term, there is limited upside room for Hong Kong stocks due to rising Sino-US tensions, KGI Securities said in a report.

Energy firms slumped the most, with the Hang Seng energy index tumbling 12% in its worst week since March 13.

The United States on Thursday added China's top chipmaker, SMIC, and oil giant CNOOC to a blacklist of alleged Chinese military companies, a move likely to escalate tensions with Beijing before President-elect Joe Biden takes office.

CNOOC declined 3.9% on Friday, losing 21.7% for the week, while SMIC retreated 5.4% to log its fourth week of drop.

That came after the US House of Representatives passed a law to kick Chinese companies off US stock exchanges if they do not fully comply with the country's auditing rules.

Chinese state media warned that some damage to Sino-US ties is "beyond repair" amid a new wave of counter-China measures by the Trump administration.

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This story has been published from a wire agency feed without modifications to the text.

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Published: 04 Dec 2020, 03:32 PM IST
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