[ad_1]
HONG KONG (Nikkei Markets) – Hong Kong stocks rose on Monday due to investor confidence, bolstered by better than expected US employment data and hopes of reaching a deal Sino-American commercial.
The Hang Seng index was up 0.3% at 30,023.51 at noon after a 3% rise last week, when the gauge officially entered a bull market. Hong Kong's financial markets were closed on Friday for Ching Ming's holiday.
Sunny Optical Technology Group, a smartphone component supplier, grew 4.3 percent to $ 103.90 after Nomura upgraded the security to a "neutral purchase", signaling an improvement in gross profit margin. The brokerage raised its price target from HK $ 83 to HK $ 115. China Galaxy International said that March's optimistic numbers from Largan Precision, maker of camera modules and camera modules registered in Taiwan, had raised expectations for Sunny's monthly sales. AAC Technologies Holdings, an Apple supplier, added 0.2%.
Q Technology (Group) jumped 11.9% to 9.24 Hong Kong dollars. Nomura upgraded its rating to "neutral" and raised its target price to $ 10K instead of HK $ 7.70.
The turnover of the main board of directors of the Hong Kong Stock Exchange amounted to HK $ 65.61 billion ($ 8.36 billion) at the noon break, more than than usual at this time of day.
US equity indices rose Friday after data showed the world's largest economy had created 196,000 jobs in March, more than expected. At the same time, markets continue to expect the US Federal Reserve to maintain interest rates this year after four rate hikes in 2018.
Markets also monitored the progress of Sino-US trade negotiations. US and Chinese negotiators concluded a series of talks in Washington on Friday and are expected to resume talks this week. US President Donald Trump said Thursday that an agreement could be announced in the next four weeks, and on Friday he added that the talks were a "big success".
Some badysts, however, said good news about US-China trade may have already been integrated into the market.
The "trade agreement" could become a for-profit excuse, "said Castor Pang, head of research at Core Pacific Yamaichi International. The market performance in the second quarter is "generally low," he said.
On the mainland, the Shanghai Composite Index edged down 0.1%, while the foreign-traded yuan changed little, to 6.7174. The Nikkei Asia300 regional companies index rose 0.1%.
Real estate developer Sunac China Holdings rose 3.9% after a 22% jump in sales in March.
China Merchants Land, which recorded an 11% increase in sales last month, rose 2.9%.
Beijing Capital Land grew 0.9% after an 84% increase in sales in March compared to a year ago.
Construction equipment builder Zoomlion Heavy Industry Science and Technology jumped 7.3% after forecasting a profit more than doubled for the first quarter.
– Amy Lam
Source link
