Hong Kong shares stable on Thursday morning following withdrawal of extradition bill

Source:Global Times Published: 2019/9/5 10:54:06

A man watches the televised speech of Hong Kong Chief Executive Carrie Lam in an appliance store in Hong Kong on Wednesday. Photo: AFP

 Hong Kong stocks edged up slightly on Thursday morning following the rollout of a four-action move by local authorities on Wednesday in an attempt to put an end to the city's unrest. 

The Hang Seng Index opened lower by 0.04 percent at 26512.9 points. It quickly edged up and had risen by 0.56 percent to 26,672 points as of 10:00 am. 

Hong Kong Chief Executive Carrie Lam Cheng Yuet-ngor on Wednesday afternoon announced the withdrawal of the extradition bill that has been used by anti-government forces to launch violence in Hong Kong. The withdrawal is part of a 4-point action plan to free the city from over two months of unrest, which has disrupted local business and the lives of Hong Kong residents. 

She also vowed to strictly enforce the law with regard to violent and illegal acts, saying that such violence undermines the "very foundation" of Hong Kong. 

The Hang Seng Index soared by 3.9 percent on Wednesday, its first gain in three days, largely driven by the price surge of blue chips like Tencent and HSBC Holdings. 

The Hong Kong stock market has tumbled in the last two months, falling from 28,554.88 points on July 15, as ongoing unrest in the city has shattered investor confidence. 

The low valuations of many Hong Kong stocks have also lured mainland investors. On Wednesday, HK$1.51 billion ($192 million) flowed from mainland to Hong Kong via the stock connect program, Wind statistics showed. 

Shenzhen concept shares edged down mildly on Thursday morning. The share price of Shenzhen Tatfook Technology Co dropped by 1.04 percent to 17.11 yuan ($2.395), while shares of Shennan Circuits Co have fallen by 0.24 percent to 138.73 yuan as of 9:48 am. 

Global Times


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