Hong Kong Hang Seng Up 0.5% Led by Oils, Shanghai Down 1.0%

Friday, October 23, 2020 6:21 AM | MT Newswires

The Hong Kong Hang Seng Index finished up 0.5%, after opening lower but getting fueled by oil issues after Russian leader Vladimir Putin said he supports crude-production limits among petroleum states. A relatively civil debate between presidential aspirants Donald Trump and Joe Biden encouraged risk-taking, while Shanghai fell back before next week's Fifth Plenum of the 19th Communist Party Congress in Beijing next week, wherein a five-year program for the Sino economy will be unveiled.

The Hang Seng rose 132.65 to 24,918.78, as gaining issues outnumbered losers 28 to 19.

Leading the upside were state oil giant CNOOC (883:HK), up 7.3%, followed by China Petroleum & Chemical (386:HK), up 6.7%, and then PetroChina (857:HK), up 6.5%.

On the downside were CSPC Pharmaceutical (1093:HK), off 3.0%, and then smartphone-maker Xiaomi ( 1810:HK), off 2.2%.

The Hang Seng is down 11.5% year-to-date.

In other news, mainland China's State Administration of Foreign Exchange issued a statement that the nation's currency may fluctuate more in the period ahead than is normal.

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