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Yujing Liu

Srinivasan Iyer

Deb Price

Good day traders,
It was the best day for Hong Kong and Shanghai stocks in nine weeks. 
Have a look below to see how the day's trading unfolded.
If your have any feedback, deb.price@scmp.com will be happy to hear from you. 
-- Yujing Liu and Srinivasan Iyer in Hong Kong


Hong Kong stocks rise on Goldman’s DeepSeek-led upgrade, Beijing tech meeting

Hong Kong’s market watchdog reviews 8 brokerages amid IPO oversubscription frenzy

Bridgewater reports mixed returns after pruning Alibaba, adding bets on Li Auto, Baidu

Hong Kong stocks cap best weekly-gain streak in 2 years on gradual tariffs, DeepSeek frenzy

Stocks

Stocks Blog: AIA helps Hang Seng to its best finish in over two months

A man checks stock prices through his smartphone at a brokerage house in Beijing. Photo: AP Photo

Business

Markets

Chinese port operator Rizhao Port Jurong closes with gains of 83.5%
UBS once again cuts Hong Kong GDP forecast


UBS further cuts its Hong Kong GDP forecast for 2019 to 0.4 per cent from 0.8 per cent 


Hong Kong Stock Exchange

China stock market

Live

Amos Choi has made nearly HK$60,000 trading stocks this year. But he knows his mom won’t be worried he’s getting in over his head.
That’s because the 21-year-old Hongkonger is limiting himself to paper trading on stock simulators, with his favourite at Investopedia. His mom pays for the finance undergraduate’s schooling and expenses at the University of Ottawa, and he says he wouldn’t be comfortable learning with real money and putting her money at risk.
“Many young people want to jump into real money when they start learning a little bit about investing. A lot of times, people are overconfident,” piling into stocks they think are lucky, “and that’s just gambling,” he says.
Choi recommends that other young investors do what he’s doing — have fun learning without paying with real losses for rookie mistakes.
His best trade was on iPhone maker Apple, traded in the US (AAPL). And he used advice he had learned from Warren Buffett.
“In December, when Apple’s share price was going down like crazy, everyone was saying their Chinese sales (were) bad, they had supply management problems, and they didn’t have any potential for the future, because all they do is (sell) iPhones.”
“But I was always waiting for this moment. As Warren Buffett once said, ‘As an investor, it is wise to be fearful when others are greedy and greedy when others are fearful.’”
Choi “bought” Apple in early January, a point where the smartphone maker’s share price had reached its lowest in more than a year. Apple released its earnings report and figures weren’t as bad as people’s expectations. Choi saw a big rise in his investment, as the stock started a big climb.
Choi’s dad was a stockbroker, and Choi’s favourite investment book is “Rich Dad Poor Dad” by Robert Kiyosaki and Sharon Lechter. “I read this book when I was 16 years old and it had many interesting takeaways, such as how the poor and the middle class work for money, (but) the top 1 per cent of people in the world have money work for them,” he said.
“(Stock trading) is very exciting. Every day, you see it go up, go down. It's like a roller coaster,” says Choi.
“When I get my first salary, I will definitely start to invest real money,” he adds, saying he hopes to enter the banking industry and maybe even start his own business.
— Joy Pamnani
Young Investors is a series appearing occasionally in the Stocks Blog in which young Hong Kong traders share what they’ve learned in their rookie days — the good, the bad and the ugly.


Young investors: Amos Choi finds a way to trade without freaking out his mom

China consumer electronic maker Skyworth Digital (751 HK) and (000810 CH) said first-half net profit rose 61.3 per cent from a year ago to 257.6 million yuan. And if non-recurring profit is stripped out, it rose 56.7 per cent to 222 million yuan.
Revenue rose by 5.2 per cent to 3.89 billion yuan. It has declared a cash dividend of 0.8 yuan for every 10 shares  held by shareholders.
In the first half, the company launched new businesses such as distance learning service, and expanded business products for corproate clients, such as video conference systems and related business display products.
-- Georgina Lee


Skyworth Digital first-half profit up a strong 61 per cent

Mongolian Mining (975 HK) said net profit for the first half rose 60 per cent from a year ago to US$47.1 million, and revenue rose 19.6 per cent to US$325.6 million, after it sold about 2.5 million tonnes of coal products during the six-month period, up from 2.1 million tonnes sold a year ago.
The miner said it sold about 2 million tonnes of washed coking coal at a slightly higher average selling price of US$147 per tonne, up from 1.7 million tonnes a year ago.
The National Bureau of Statistics of China reported that production of coke in China increased by 10.3 per cent to 233.9 million tonnes in the first half of 2019. Coke consumption decreased by 4.4 per cent to 226.5 million tonnes, according to coal industry consultant Fenwei.
-- Georgina Lee


Rising coal sales fuel 60 per cent jump in Mongolian Mining’s profit

Here's what we are watching this morning:
US overnight markets/ What futures foretell
--The S&P 500 slipped 0.05 per cent, the Nasdaq fell 0.36 per cent and the Dow Jones Industrial Average inched up 0.19 per cent.
-- Hang Seng futures inched up by 0.1 per cent, while the China A50 futures edged down 0.1 per cent.
IPO debuts: Bear Electric Appliance (002959 CH)
Economic statistics/Central Bank action: Nothing major scheduled
Corporate events:
Earnings: Avic Aviation Engine (600893 CH), Bank of Shanghai (601229 CH), China Coal (1898 HK), CICC (3908 HK), CM Bank (600036 CH), CNBM (3323 HK), China National Nuclear (601985 CH), China Resources Gas (1193 HK), China Shenhua (1088 HK), CNPC Capital (000617 CH), CATL (300750 CH), Country Garden Services (6098 HK), CSC Financial (6066 HK), Evergrande Health (708 HK), Meituan Dianping (3690 HK), PICC Group (1339 HK), PICC P&C (2328 HK), Seazen Holdings (601155 CH), Pudong Bank (600000 CH), Sinopharm (1099 HK), Unisplendour (000938 CH), Xinjiang Goldwind (002202 CH), Pientzehuang Pharma (600436 CH)
Good reads: Hong Kong developer Wheelock Properties has sparked fears of a faster-than-expected correction in Hong Kong  by pricing a new Tseung Kwan O project 8 per cent below properties sold in the area just two months ago. Four mainland Chinese property developers reported slow growth in half-yearly profits on Thursday, in a sign even the top companies are losing momentum amid tighter regulations and slowing sales growth.


Morning guidance

US President Donald Trump has scaled back part of his plan announced in early August to impose a new round of 10 per cent tariffs on US$300 billion of Chinese products from September 1.
But any additional tariffs will be viewed as a serious breach of an earlier consensus reached by Trump and Chinese President Xi Jinping at their Osaka summit in June, and that China “will be forced to take countermeasures”, Commerce Ministry Gao Feng said on Thursday.
Even a partial implementation of the threatened tariffs would be seen in Beijing as “a unilateral move to escalate trade disputes”, he said.
China will soon release its “unreliable untity list” that identifies foreign companies it deems hostile and punishable, according to Gao.
Read full story here
-- Yujing Liu


China warns any new US tariffs will escalate tensions, force it to take countermeasures

Li & Fung (494 HK), the world’s biggest supplier of consumer products, said ongoing adjustments in global supply chains could be disrupted by new spats between the US and its trading partners, further complicating the commercial relations that have taken decades to build.
The comment came after the company reported a net profit of US$21 million in the first half, reversing a loss of US$86 million from a year earlier.
“While the US-China tension has taken centre stage now, uncertainties also loom between the US and multiple production countries, which may cause new disruptions in the future,” said the Hong Kong company’s chairman William Fung Kwok-lun, after interim results missed estimates.
-- Georgina Lee


Li & Fung misses first-half net profit estimates

China Life Insurance (2628 HK) (601628 CH) said its first-half net profit more than doubled to 37.6 billion yuan, from 16.4 billion yuan a year earlier. Total revenue rose 11.6 per cent to 448.22 billion yuan, of which net premiums earned from its life, health and accident insurance businesses were up by 3.5 per cent to 361.3 billion yuan.
Premiums from new policies, which includes first-year regular premiums, edged up 2 per cent to 127.8 billion yuan, while renewal premiums rose 6.4 per cent to 250.1 billion yuan.
Its investment income grew by 9.4 per cent to 66.4 billion yuan, thanks to a rise in interest income from fixed-income investment.
-- Georgina Lee
 


China Life's first-half net more than doubles on higher investment income

UK-based index provider FTSE Russell will announce a new list of A shares to be included in its global indices on Saturday early morning, in the second step of a year-long process to enhance the weighting of China stocks in its gauges, Chinese media Thepaper.cn reported.
By September 23, the index compiler will implement the second stage of its plan to add a total of 1,090 A shares to its indices. The first tranche of stocks was incorporated in June, and the next tranche will be added in March next year, according to FTSE Russell's official website.
The weighting of A shares in the FTSE Global Equity Index Series will rise to 4.2 per cent from 1.4 per cent after the September inclusion.
-- Yujing Liu


FTSE Russell to add new A shares to indices

ENN Energy Holdings (2688 HK), one of China's largest natural gas distributors, gained 2 per cent in early trading after posting an 88.7 per cent year on year rise in net profit to 3.36 billion yuan for the year's first six months after Thursday's market close.
Excluding one-off items - mainly 827 million yuan of paper gains on gas price hedging contracts - core net profit grew 15 per cent to 2.53 billion yuan, according to a Daiwa Capital Markets note.
The core profit amounts to 52 per cent of the 4.82 billion yuan net profit estimate for the whole of this year, according to the average estimate of 17 analysts in a Bloomberg poll.
Revenue grew 33.2 per cent to 35.3 billion yuan, driven by a 15 per cent rise in retail gas sales volume, higher prices and new projects commissioning.
Daiwa's analysts said ENN has maintained its full-year target for sales to rise 15 to 20 per cent from 2018. With a 6 per cent rise in average gas selling price not sufficient to offset a 10 per cent increase in gas procurement cost, first-half profit margin per cubic metre of gas sold fell 6.5 per cent year on year to 58 fen. The analysts said ENN expects full-year margin to fall to 58 to 60 fen, from 61 fen in 2018.
-- Eric Ng


ENN Energy jumps 2 per cent in early trading on higher profit

Looks like it’s gonna be a spectacular week for a company involved in one of the biggest financial frauds in China.
Drug maker Kangmei Pharmaceuticals (600518 SH) surged by 5.1 per cent to 3.91 yuan in early trading, on track to record its fifth day of gains after regulators found it guilty of a massive financial fraud.
Kangmei inflated its annual revenue by 9 billion yuan (US$1.3 billion) in 2016 alone and fabricated 87 billion yuan of cash assets on its book in the three years from 2016, China’s stocks watchdog said last Friday.
Currently, the toughest punishment for a listed company over fraudulent disclosure is 600,000 yuan.
Kangmei, which is now on a risk alert board, hit its daily upside limit of 5 per cent throughout the week.
-- Yujing Liu


Kangmei Pharma on a roll, set for fifth day of maximum gains

AIA Group (1299 HK), the world’s second largest insurer by market value, posted a 20 per cent rise in new business for the first half of the year on Friday, as mainland Chinese boosted sales.
New business rose to US$2.27 billion, from US$1.95 billion in the same period last year, lifted by sales in its main markets of mainland China and Hong Kong, according to a filing to the stock exchange before trading started today.
AIA reported a 19 per cent rise in new business from Hong Kong, and a 34 per cent gain in mainland China. A total 40 per cent of the insurer’s business comes from Hong Kong, while 15 per cent comes from China, according to Bloomberg data.
Its stock was up 0.39 per cent to HK$76.55 in early trading.
-- Louise Moon


AIA rises after posting 20 per cent increase in new business

Hong Kong and Moscow-listed Rusal (486 HK), the world's second-largest aluminium producer based in Russia, has revised up its net profit for the year's first half by 12 per cent to US$625 million.
Recurring net profit, which excludes one-off items, was changed to US$666 million, 11.2 per cent higher than the amount it reported on August 9.
The revision was triggered by the release of interim results by its 27.8 per cent-owned nickel mining unit Norilsk Nickel on August 20, which prompted Rusal management to reassess its share of profit derived from the unit on its own financial statements.
Rusal had already alerted the market on Wednesday that Norilsk's results would have a "material positive impact" on its own results but did not give any figures.
Rusal fell 0.3 per cent to HK$3.14 in morning trading.
-- Eric Ng


Rusal revises first-half up by 12 per cent, but shares fall

China and Hong Kong stocks seesawed to trade mixed in early morning.
The Shanghai Composite Index reversed early losses and rose 0.1 per cent to 2,886.81 in the latest trading. The Shenzhen Component Index declined 0.2 per cent, and the ChiNext Index of start-ups was 0.4 per cent lower.
The Hang Seng Index recouped losses and inched up 0.2 per cent to 26,087.26.
In Hong Kong, financials were the top gainers. Insurer AIA Group (1299 HK) rose 1.3 per cent to HK$77.2, Ping An Insurance (2318 HK) added 1 per cent to HK$91.4, while China Life (2628 HK) surged 3.5 per cent to HK$18.78.
-- Yujing Liu


Markets swing between gains and losses in early trading

Fintech-related stocks soared in China, after the central bank released a guideline for the country to develop fintech over the next two years.
A gauge tracking 131 related stocks in Shanghai and Shenzhen rose 1.6 per cent. Shenzhen Tempus Global Travel Holding (300178 SZ), which is in the business of online travel ticketing, jumped by the 10 per cent daily limit to 6.04 yuan. Shenzhen Clou Electronics (002121 SZ), a developer of intelligent electricity equipment, also surged by 10 per cent.
China will take advantage of fintech to help its financial industry grow more healthily, and the country’s fintech development shall be leading in the world by 2021, according to the guideline.
-- Yujing Liu


Fintech stocks surge as China pledges support for industry

Jiangsu Hengrui Medicine (600276 CH), one of China’s largest innovative pharmaceutical companies, soared 5.5 per cent to a historical intraday high of 75.69 yuan.
Jiangsu Hengrui, which focuses on anti-cancer drugs, launched earlier this month a new PD-1 drug to treats Hodgkin’s lymphoma, a type of rare cancer that develops in the lymphatic system.
The market has high hopes that the drug, which was approved in May, will be added to the coverage of China’s national health insurance.
-- Yujing Liu


Chinese cancer drug maker climbs to all-time high

AIA (1299 HK) shares rose as much as 1.6 per cent to HK$77.45, after the city's largest insurer reported a 20 per cent increase in new insurance policy sales during the first half.
The company's net profit rose, beating analysts' estimates.
-- Eugene Tang


AIA shares up on higher policy sales

Hong Kong Broadband Network (1310 HK) will pay US$50 million to acquire subsidiaries of JTH Group, an information technology services provider under conglomerate Jardine Matheson Group, according to a stock exchange filing before trading today.
Subject to shareholders’ approval, telecoms company HKBN will buy Jardine OneSolution Holdings, an IT investment holding company, and its subsidiaries Adura Hong Kong and Adura Cyber Security.
It leaves JTH Group with just one business under its name: Innovix, a technology distributor.
HKBN fell 1.41 per cent to HK$13.94 in the latest trading.
-- Louise Moon


HKBN buys Jardine Matheson's IT units for US$50 million

It seems nothing can stop Kweichow Moutai (600519 SH) from climbing to yet another high.
The Chinese liquor maker surged by as much as 2.2 per cent to a fresh intraday high of 1,128.11 yuan in morning trading, just one day after it became the first Chinese stock to pass the 1,100-yuan milestone.
According a report from Dongxing Securities in July, the brokerage expects Moutai to rise to 1,424 yuan.
-- Yujing Liu
 


Liquor lovers send Kweichow Moutai to another high

Rare earth-related stocks jumped, following China’s warning that it will have to take countermeasure if the US goes ahead with proposed new tariffs on Chinese goods.
A gauge tracking 41 producers of rare-earth magnets climbed 3.2 per cent. JL Mag Rare-Earth (300748 CH), which President Xi Jinping visited during a trip to the southeastern province of Jiangxi in May, soared 9.1 per cent to 5.31 yuan.
China supplies over 80 per cent of the world’s rare earth metals, which are used in a range of products from smartphones to railway equipment. This makes it a potential bargaining chip that the country could use in the trade talks with the US.
-- Yujing Liu


China's tariff warning boosts rare earth stocks

Shares of the red-hot drug maker Jiangsu Hengrui Medicine (600276 SH) could carry on rising, New Times Securities says.
The company deserves a 30 per cent premium in its valuation compared to the industry average, analysts at the Chinese brokerage wrote in a report on Thursday. They gave a rating of “strong buy” for the stock.
The series of new drugs it has developed, including PD-1 for treating Hodgkin’s lymphoma, is a demonstration that Jiangsu Hengrui is the most innovative Chinese pharmaceutical company, the analysts wrote.
It also has the strongest sales network with 120,000 staff on its sales team, according to New Times Securities.
Shares of Jiangsu Hengrui have gained 45 per cent since the beginning of this year.
 

-- Yujing Liu


Jiangsu Hengrui an industry leader and top pick, brokerage says

The Shanghai Composite Index rose 0.5 per cent to 2,897.14 by lunch break, despite having traded 0.2 per cent lower earlier in the morning.
The Shenzhen Component Index added 0.1 per cent, and the ChiNext Index of start-ups gained 0.2 per cent.
Pharmaceuticals and rare earth-related stocks led the advance. Jiangsu Hengrui Medicine (600276 SH) soared 6.8 per cent to 76.62 yuan, and JL Mag Rare-Earth (300748 SZ) surged by 9.8 per cent to 64.35 yuan.
In Hong Kong, the Hang Seng Index increased 0.5 per cent to 26,173.59. Insurers were the top gainers on the back of upbeat earnings reports. AIA Group (1299 HK) rose 1.5 per cent, and China Life Insurance (2628 HK) was 4 per cent higher.
-- Yujing Liu


China, Hong Kong stocks recoup early losses to turn up by noon

Shares of Li & Fung, the world's largest consumer goods supply chain manager, gained as much as 8 per cent after it reported a US$21 million net profit for the first-half, against a loss of US$86 million in the year-earlier period.
Still, Bloomberg Intelligence senior consumer products analyst Catherine Lim said the firm's core operating profit may continue to fall in the second-half, after falling 18.6 per cent in the first-half.
"The slide in earnings from the supply chain solutions business may continue to outpace the drop in turnover as higher investment spending into the company's digital-sourcing platform erodes profit gains from cost reductions," she said.
Slower US-China freight traffic could also continue to weigh on revenue of its logistics unit, after first-half revenue slowed to 3.8 per cent from 10.9 per cent a year earlier, she added. The unit made a first-half core operating profit of US$38 million, up 15 per cent year on year.
The stock closed the morning session 5 per cent higher at HK$1.05. It hit near 21-year low of 94 HK cents on August 14.
-- Eric Ng


Li & Fung rises 5 per cent, but analyst warns on second-half outlook

A government tender for the smallest residential plot since 2014 has drawn huge interest from developers.
The plot in Tuen Mun, about the size of 2.5 basketball courts, has attracted at least 15 bids, after a commercial plot in Kai Tak sold for much lower than estimates this month.
Some of the bidders include Sino Land (0083 HK), K Wah International Holdings (0173 HK), Emperor International Holdings (0163 HK), Far East Consortium (0035 HK) and HKR International (0480 HK).
-- Lam Ka-sing


Huge interest in Tuen Mun residential land tender

UBS has further cut its growth forecast for Hong Kong’s economy to 0.4 per cent in 2019, saying a “technical recession is coming, but manageable”.
The Swiss bank had previously cut its forecast for the city’s gross domestic product growth to 0.8 per cent from 2.4 per cent at the beginning of the month.
Last week, Hong Kong government’s revised its growth outlook to zero to 1 per cent.
UBS said that its economists believe a newly announced relief package, including rental relief, could support Hong Kong’s economy by 0.3 percentage points and the third quarter could mark a trough for the economy.
“Among the investors we spoke to, many believe that the situation might calm down for now but might resurface amid global macro uncertainties and local discontent. However, several noted concerns over layoffs, as reduced tourist arrivals might cause travel-related sectors to cut staffing,” UBS China strategist Wendy Liu said on Friday. “Ideally, announced and new governmental reliefs should arrive promptly to help ease hardship among the unemployed,” she said.
“Investors we spoke to are also concerned that if the situation in Hong Kong and the slowdown in global growth persist, larger corporates – including multinational corporations unrelated to travel – may cut costs and re-examine their office locations.”
-- Chad Bray


UBS cuts Hong Kong GDP forecast further 

Shares of Cathay Pacific Airways (293 HK) came under renewed pressure after the airline confirmed the dismissal of Rebecca Sy, the head of Cathay Dragon’s Airlines Flight Attendants’ Association. 
Sy has become the latest casualty of Hong Kong’s political crisis as local airlines buckle under pressure to toe Beijing’s line on taking a stand against the anti-government movement sweeping the city. It follows the resignation last week of the airline's CEO Rupert Hogg.
The shares were 1.15 per cent lower at HK$10.28 in the latest trading, and looked set to end the day down. 
-- Srinivasan Iyer


Cathay Pacific feels the heat

Chinese port operator Rizhao Port Jurong (6117 HK) skyrocketed by 102.2 per cent to HK$1.84, following a stake transfer by its largest shareholder to a provincial government.
The government of Shandong province will become the company’s controlling shareholder after receiving a 44 per cent stake from the Rizhao city government, Rizhao Port Jurong said in a stock exchange filing.
Combining the shares it already owns, the Shandong government will control 50.6 per cent of the company’s overall stake.
-- Yujing Liu


Port operator skyrockets after provincial government takes control

AAC Technologies Holdings (2018 HK), maker of smartphone acoustic components, plunged by as much as 5.4 per cent, after announcing a 57 per cent decline in first-half profits from a year ago.
The company also posted a 10 per cent decline in revenue to 7.6 billion yuan (US$1 billion) for the first six months of this year from the same period last year.
Gross margin for its acoustics products declined by 10.4 percentage points year on year to 27.1 per cent, the lowest in its history, according to a Jefferies report. This shows that the company’s product mix has shifted to low-margin Android models, the report said.
-- Yujing Liu


AAC Tech hammered by weak first-half results

Investors are taking clues more from the development of Hong Kong’s persistent protests than the US-China trade talks for their next step, according to Louis Tse Ming-kwong, managing director of VC Asset Management.
“The market doesn’t expect much from the trade talks,” Tse said, adding that the impact from Trump’s proposed 10 per cent tariffs to take effect in September has been priced in.
But whether Hong Kong’s Chief Executive Carrie Lam Cheng Yuet-Ngor could succeed in establishing a platform for dialogue with the protesters and reach a resolution will matter far more to the market, he said.
“We want to see more about this platform and more talks about resolution,” he said.
-- Yujing Liu


Protests a bigger factor than trade talks for markets, says Louis Tse Ming-kwong of VC Asset

A Hong Kong court has indefinitely extended an injunction sought last week by the Hong Kong Airport Authority to prevent anti-government protesters from stalling one of the world’s busiest transport hubs.
The order was renewed ahead of another planned round of protests targeting the airport on Saturday. 
“The smooth running of the airport is of crucial significance to Hong Kong, in particular the security and safety of its citizens and travellers, its commercial interests, as well as its international reputation,” said Mr Justice Wilson Chan Ka-shun, who granted the extension.
Read full story here


Airport protest limitations extended indefinitely 

Some 5,000 accountants marched through the city’s central business district in Admiralty in early afternoon to protest against the government, organisers said.
They became the largest group of professionals to take part in the protests, joining flight attendants, teachers, medical workers and civil servants.
Many of them were wearing black shirts and holding signs that called for the government to respond to protesters’ demands.
Previously, Hong Kong’s big four accounting firms came under attack from mainland Chinese media for disciplining employees who support the protests. 
 
A large group of accountants are spending their lunch break for an #antiELAB march to the govt HQ. Marching from Chater Garden, they said the govt should respond to the 5 core demands. Some wear protective gear to show solidarity with frontline protesters. #HongKongProtests pic.twitter.com/v3irf0XgmG
— Frances Sit (@frances_sit) August 23, 2019
 
-- Yujing Liu


Hong Kong's accountants rally in central business district

The Hang Seng Index rose 0.5 per cent to close at 26,179.33. The benchmark gained 1.7 per cent this week, recording its best weekly performance in nine weeks.
Insurers led the advance today. AIA Group (1299 HK) jumped 2 per cent to HK$77.75 and contributed 54 points to the Hang Seng, the largest among the 50 constituents.
The Shanghai Composite added 0.5 per cent to 2,897.42, bringing its gains this week to 2.6 per cent, which is also its largest in nine weeks.
-- Yujing Liu


Stocks Blog: AIA helps Hang Seng to its best finish in over two months

Chinese port operator Rizhao Port Jurong closes with gains of 83.5% UBS once again cuts Hong Kong GDP forecast

Chinese port operator Rizhao Port Jurong closes with gains of 83.5%

UBS once again cuts Hong Kong GDP forecast