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HSI Closes Up 558 pts, Led by Tencent, CN Financials

 Hong Kong stocks rebounded today (21 February). Hang Seng Index followed the trend of ADR this morning and opened higher 176 pts. It ended higher 558 pts or 1.8% to 31,431. Hang Seng China Enterprises Index jumped 290 pts or 2.3% to close at 12,686. Market turnover reached $96.784 billion.

Blue chips were broadly in good shape. TENCENT (00700.HK)  +12.200 (+2.737%)    Short selling $1.16B; Ratio 12.510%   rallied 2.7% to $458 at close, contributing 86 pts to HSI alone. HSBC HOLDINGS (00005.HK)  +0.650 (+0.803%)    Short selling $1.38B; Ratio 31.877%   rose 0.8% to conclude at $81.6. HANG SENG BANK (00011.HK)  +3.300 (+1.744%)    Short selling $74.41M; Ratio 21.850%   climbed 1.7% to $192.5 on report of better than expected 2017 profit with higher dividend. Morgan Stanley set target price at $220 for HANG SENG BANK. CHINA MOBILE (00941.HK)  +1.250 (+1.689%)    Short selling $55.07M; Ratio 4.654%   advanced 1.7%.

Chinese financials became the growth engine. Chinese banks ICBC (01398.HK)  +0.230 (+3.343%)    Short selling $491.10M; Ratio 24.680%   and BANKCOMM (03328.HK)  +0.200 (+3.221%)    Short selling $42.26M; Ratio 18.091%   soared 3.3% and 3.2%. CCB (00939.HK)  +0.230 (+2.761%)    Short selling $840.82M; Ratio 27.533%   and BANK OF CHINA (03988.HK)  +0.110 (+2.552%)    Short selling $450.56M; Ratio 23.884%   surged 2.8% and 2.5%. ABC (01288.HK)  +0.180 (+4.176%)    Short selling $194.52M; Ratio 28.093%   leaped 4.2%, being the top gainer among HSCEI constituents. PING AN (02318.HK)  +1.500 (+1.763%)    Short selling $608.84M; Ratio 18.341%   added 1.7%. CHINA LIFE (02628.HK)  +0.450 (+1.948%)    Short selling $157.82M; Ratio 13.539%   perked up 1.9%.

Foreign press reported that Laura M Cha will act as chairman of HKEX (00388.HK)  +5.400 (+1.944%)    Short selling $255.20M; Ratio 12.875%   , sending the stock higher by 1.9%. Food stocks trended up. WANT WANT CHINA (00151.HK)  +0.230 (+3.657%)    Short selling $14.46M; Ratio 15.579%   and WH GROUP (00288.HK)  +0.300 (+3.315%)    Short selling $50.93M; Ratio 28.527%   surged 3.7% and 3.3%. Locomotive Chinese developers COUNTRY GARDEN (02007.HK)  +0.760 (+5.596%)    Short selling $83.31M; Ratio 8.783%   and CHINA OVERSEAS (00688.HK)  +0.450 (+1.590%)    Short selling $46.64M; Ratio 12.270%   rocketed 5.6% and 1.6%, with the former became the biggest gainer of blue chips. CHINA RES LAND (01109.HK)  +0.700 (+2.353%)    Short selling $76.91M; Ratio 22.909%   elevated 2.4%.

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