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Oct. 13, 2014, 5:40 a.m. EDT

Hong Kong stocks close higher after strong China data

Japan closed for holiday, while Sydney and Shanghai fall

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By Laura He, MarketWatch


Shutterstock/Zhu Difeng

HONG KONG (MarketWatch) — Hong Kong stocks erased earlier losses and closed higher on Monday, as China’s trade data for September beat expectations.

The Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI +1.31%  opened lower on a negative U.S. lead from the end of last week, but ended the session higher by 0.2%.

The gain following data showing China’s exports and imports for September rose 15.3% and 7% respectively, both beating market forecasts.

Index heavyweight China Mobile Ltd. /zigman2/quotes/200868736/delayed HK:941 +0.33%  popped up 1.4%, as reports said the telecoms giant is planning to invest about $166 million in a new media venture to operate its digital entertainment business.

Major insurer AIA Group Ltd. /zigman2/quotes/203565558/delayed HK:1299 +2.24%  advanced 1.7%, with investors eyeing its quarterly results due out later this week.

However, Chinese real estate stocks were weak, with Agile Property Holdings Ltd. /zigman2/quotes/210448079/delayed HK:3383 -0.54%  diving 17.2%.

Agile resumed share trading on Monday following a week-long trading halt, after the company said its Chairman Chen Zhuolin was placed under home surveillance by prosecutors. Mainland media reports said Chen was accused of suspected bribery to government officers for a massive property project in China’s southwestern Yunnan province, with the nation’s top economic planner and the Ministry of Land and Natural Resources having criticized the firm earlier for building golf courses in the project illegally.

Other property stocks also suffered substantial losses, as Guangzhou R&F Properties Co. Ltd. /zigman2/quotes/200033596/delayed HK:2777 +0.14% sank 4.4%, Shimao Property Holdings Ltd. /zigman2/quotes/208719072/delayed HK:813 -0.52% tumbled 4%, and Sino-Ocean Land Holdings Ltd. /zigman2/quotes/201858088/delayed HK:3377 0.00%  slid 3%.

Several brokerage firms fell after various media reports said the long-awaited Hong Kong-Shanghai “stock connect” program, which would allow direct share trading between the two markets, may be postponed to the end of this month or even further, possibly due to Beijing’s hesitation in granting approval amid Hong Kong’s political unrest.

Haitong International Securities Group Co., formerly Taifook Securities, declined 2.8%, China Everbright Ltd. /zigman2/quotes/209679060/delayed HK:165 -0.31% skidded 2.4%, and Citic Securities Co. /zigman2/quotes/208139708/delayed HK:6030 +1.31% lost 0.9%.

Meanwhile, other Asian major markets closed lower, as Shanghai Composite Index /zigman2/quotes/210598127/delayed CN:SHCOMP -0.30%  fell 0.4%, Sydney’s S&P/ASX /zigman2/quotes/210598100/delayed AU:XJO -0.65%  shredded 0.6%, and Seoul’s Kospi Composite Index /zigman2/quotes/210598069/delayed KR:180721 +1.51%  dropped 0.7%.

Japanese stock markets were closed for a public holiday. The dollar /zigman2/quotes/210561789/realtime/sampled USDJPY +0.6771% fell to ¥107.465 from ¥107.645 in the previous session.

/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
26,994.14
+348.71 +1.31%
Volume: 1.45M
Dec. 12, 2019 4:08p
loading...
/zigman2/quotes/200868736/delayed
HK : Hong Kong
HK$ 60.30
+0.20 +0.33%
Volume: 16.50M
Dec. 12, 2019 4:08p
P/E Ratio
9.93
Dividend Yield
4.84%
Market Cap
HK$1230.58 billion
Rev. per Employee
HK$1.88M
loading...
/zigman2/quotes/203565558/delayed
HK : Hong Kong
HK$ 79.75
+1.75 +2.24%
Volume: 25.70M
Dec. 12, 2019 4:08p
P/E Ratio
25.41
Dividend Yield
1.48%
Market Cap
HK$939.70 billion
Rev. per Employee
HK$12.98M
loading...
/zigman2/quotes/210448079/delayed
HK : Hong Kong
HK$ 11.02
-0.06 -0.54%
Volume: 4.51M
Dec. 12, 2019 4:08p
P/E Ratio
4.42
Dividend Yield
9.98%
Market Cap
HK$43.40 billion
Rev. per Employee
HK$3.79M
loading...
/zigman2/quotes/200033596/delayed
HK : Hong Kong
HK$ 14.06
+0.02 +0.14%
Volume: 12.30M
Dec. 12, 2019 4:08p
P/E Ratio
4.65
Dividend Yield
10.05%
Market Cap
HK$45.24 billion
Rev. per Employee
HK$2.84M
loading...
/zigman2/quotes/208719072/delayed
HK : Hong Kong
HK$ 28.85
-0.15 -0.52%
Volume: 3.98M
Dec. 12, 2019 4:08p
P/E Ratio
8.57
Dividend Yield
4.51%
Market Cap
HK$95.48 billion
Rev. per Employee
HK$11.07M
loading...
/zigman2/quotes/201858088/delayed
HK : Hong Kong
HK$ 2.95
0.00 0.00%
Volume: 1.87M
Dec. 12, 2019 4:08p
P/E Ratio
6.25
Dividend Yield
6.20%
Market Cap
HK$22.32 billion
Rev. per Employee
HK$5.17M
loading...
/zigman2/quotes/209679060/delayed
HK : Hong Kong
HK$ 12.88
-0.04 -0.31%
Volume: 4.88M
Dec. 12, 2019 4:08p
P/E Ratio
8.88
Dividend Yield
5.05%
Market Cap
HK$21.77 billion
Rev. per Employee
HK$12.04M
loading...
/zigman2/quotes/208139708/delayed
HK : Hong Kong
HK$ 15.42
+0.20 +1.31%
Volume: 15.16M
Dec. 12, 2019 4:08p
P/E Ratio
13.01
Dividend Yield
2.58%
Market Cap
HK$184.42 billion
Rev. per Employee
HK$3.51M
loading...
/zigman2/quotes/210598127/delayed
CN : China: Shanghai
2,915.70
-8.72 -0.30%
Volume: 15.18B
Dec. 12, 2019 3:01p
loading...
/zigman2/quotes/210598100/delayed
AU : S&P ASX
6,708.80
-43.80 -0.65%
Volume: 1,306
Dec. 13, 2019 7:06a
loading...
/zigman2/quotes/210598069/delayed
KR : Korea Exchange
2,137.35
+31.73 +1.51%
Volume: 584,636
Dec. 12, 2019 6:01p
loading...
/zigman2/quotes/210561789/realtime/sampled
US : Tullett Prebon
109.2890
+0.7350 +0.6771%
Volume: 0.0000
Dec. 12, 2019 4:53p
loading...

Laura He is a MarketWatch reporter based in Hong Kong. Follow Laura on Twitter at: @lauraliuhe.

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