Shanghai Hong Kong Daily Update

Shanghai re-opens after a week of partying with a small decline. Compared to the FXI, which showed a decline of 2.22% during the closed week, this was better than expected.  Hong Kong closed a whopping 3.26% over Friday with all members up except international retail supplier Li & Fung, HK 494, down 1.08%. Notable high flyers were financials, most likely buoyed by Zhou’s assurances for a strong, stable yuan. Casino operator Galaxy Entertainment, HK 27 shot up 8.17% over Sands, HK 1928 4.44% gain.  Energy shares of China Shenhua, HK 1088 +4.72%; Petro China, HK 857, +3.78% also showed outsize gains thanks to oil prices.

shanghai hang seng


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