Update | Stocks move higher as exports rise following 8-month decline
HSBC finishes day lower after incurring penalty from European Commission over Euribor fix
Hong Kong stocks closed higher on Thursday as a global market recovery lifted risk appetite and China’s trade data for last month pointed to economic stability.
The Hang Seng Index ended 0.27 per cent higher at 22,861.84 and the Hang Seng China Enterprises Index (H shares) gained 0.68 per cent to 9,896.82.
HSBC Holdings remained in the spotlight and was the day’s most heavily traded stock. The stock opened more than 1.3 per cent higher on Thursday morning but quickly reversed gains and slipped to negative territory to end the afternoon 0.23 per cent down at HK$65.35. One day earlier, the European Commission fined HSBC, Crédit Agricole and JPMorgan Chase a combined €485 million (HK$4.06 billion) for participating in a cartel to fix the key Euribor pricing benchmark.
Driven by significantly better than expected foreign trade data, Cosco Ship Port rose 2.86 per cent to close at HK$7.92. Tianjin Port Development also gained 1.67 per cent to HK$1.22.
China’s exports last month increased 0.1 per cent year on year to US$19.7 billion - compared with a 7.3 per cent contraction in October - the first rise in eight months, according to customs data released on Thursday. Imports for the month jumped 6.7 per cent year on year to US$15.2 billion, outpacing a 1.4 per cent rise in October.
