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Xie Yu

The Hang Seng Index closed 0.3 per cent higher at 26,220.3 on Thursday, boosted by a Hong Kong government plan to ban face masks at public gatherings.
The city’s stock market opened lower in the morning, weighed down by local property developers energy companies, but towards the afternoon, it was lifted by a rebound in MTR shares, mainland Chinese health care and consumer stocks, as well as the Macau casinos.
Trains operator MTR gained 2.3 per cent following the news of the face mask ban, and closed at HK$44.5. The protests-hit company wiped out all the losses it made in the morning. At one point on Thursday it was trading at HK$42.75, its lowest level since late February.
Alex Au, managing director at Alphalex Capital Management, said the proposed ban on masks during public gatherings could have a positive effect on the local markets.
“It sounds useful to some extent … police might be able to arrest people even before they start destroying things,” he said. “At least, this might squeeze out the short sellers,” he added.
Hong Kong government to impose new law banning masks during public assemblies
Kevin Leung, executive director of investment strategy at Hong Kong-based brokerage Haitong International, however, sounded more cautious and said the impact of a face mask ban – if passed – would be “neutral”.
“A big question would be – how are they going to enforce [the ban]?,” he asked, noting that confrontations between protesters and police were already intense.
He also said disappointing economic data from the United States would have less of an impact on H shares, compared with the broad declines on US bourses, given that the valuations of H shares were already “cheap and reasonable”.
“The downward adjustment of H shares will be less volatile,” Leung said, noting that the Hang Seng Index was likely to move roughly between about 25,000 and 27,000.
Hong Kong’s new monetary chief vows to defend currency peg
The Macau casinos were major winners on Thursday. The city’s tourism bureau announced visitors to Macau had increased by 9.6 per cent year on year during the first two days of “golden week”. Galaxy Entertainment closed 2.7 per cent higher at HK$50 and Sands China gained 1.8 per cent to HK$36.3.
China food delivery platform Meituan Dianping reached its highest level since an IPO last September, with its stock closing 1.1 per cent higher at HK$82.4. Bloomberg Intelligence said Meituan was benefiting from rising operating efficiency in the food delivery segment, and narrowing losses related to new initiatives.
Oil companies and local developers were among the big losers. State-owned oil company CNOOC shed 1 per cent to close at HK$11.7. Japanese investment bank Daiwa downgraded the company from buy to hold in the morning, because it expects a prolonged weakness in oil prices.
Hong Kong property giant Wharf REIC lost 0.9 per cent to close at HK$43.4 and Hung Lung Properties eased 0.8 per cent to close at HK$17.9.


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Stocks

Hang Seng Index, trains operator MTR boosted by proposed ban on face masks

A mask left behind by protesters in Hong Kong’s Wan Chai district following clashes on September 29. An analyst said the impact of a face mask ban would be ‘neutral’. He said: “how are they going to enforce [the ban]?’ Photo: AFP

Whose interests did Hong Kong’s MTR Corporation have in mind when it closed half of its stations on National Day?

Protesters set fire to an entrance of Jordan MTR station on Tuesday. Photo: Dickson Lee

Democratic Party lawmaker Lam Cheuk-ting takes fliers bearing the title "Why the extradition law amendment should not pass", at the Legislative Council Complex in Tamar. 27MAY19 SCMP / Sam Tsang

Protesters vandalize and deface MTR facilities in Wong Tai Sin during a mass rally on the 70th anniversary The People’s Republic of China on October 01, 2019. 01OCT19 SCMP / James Wendlinger

Hong Kong protests: retailers counting cost after hard-core demonstrators ravage shops during National Day mayhem

Shards of glass cover the pavement after radical elements of the protest movement target the Miniso branch in Tsuen Wan. Photo: Yujing Liu

Workers covered graffiti with canvas at a Yoshinoya shop in Tsuen Wan.02OCT19 Photo:SCMP/Yujing Liu

BestMart 360 store is damaged and vandalized in Jordan during a mass rally on the 70th anniversary The People’s Republic of China on October 01, 2019. 01OCT19 SCMP / Dickson Lee

A Yoshinoya store in Tuen Mun is damaged and vandalized during a mass rally on the 70th anniversary The People’s Republic of China on October 01, 2019. 01OCT19 SCMP / Xiaomei Chen

Business

Banking & Finance


MTR shares rebound after hitting eight-month low in intraday trading
Poor US economic data to have less of an impact on H shares, analyst says



The Hang Seng Index closes 0.3 per cent higher at 26,220.3 on Thursday, boosted by a Hong Kong government plan to ban face masks at public gatherings.


China stock market

Hong Kong Stock Exchange

Hang Seng Index, trains operator MTR boosted by proposed ban on face masks

MTR shares rebound after hitting eight-month low in intraday trading Poor US economic data to have less of an impact on H shares, analyst says

MTR shares rebound after hitting eight-month low in intraday trading

Poor US economic data to have less of an impact on H shares, analyst says