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Nikkei Markets

Hong Kong shares rise for week on partial trade deal support

Link REIT up on Friday following plans for first acquisition outside Greater China

HONG KONG (Nikkei Markets) -- Hong Kong shares edged higher on Friday, sealing their third consecutive weekly gain, as optimism over a preliminary Sino-American trade agreement lingered.

The Hang Seng Index added 0.2% to 27,871.35 on Friday, ending the week 0.7% higher. China Mobile rose 2.4% on Friday, contributing about a third of the gauge's gains by points. Link Real Estate Investment Trust added 2.8% after the Hong Kong-based trust said a unit had agreed to buy an office property in Sydney for 683 million Australian dollars ($471 million).

Turnover on the local stock exchange's main board was at 93.41 billion Hong Kong dollars ($12 billion) on Friday.

U.S. equities ended at fresh all-time highs on Thursday as upbeat sentiment surrounding a preliminary Sino-American trade deal lingered. U.S. Treasury Secretary Steven Mnuchin on Thursday said on CNBC that the first phase of the deal was likely to be signed early in January.

While the Hang Seng Index logged its third weekly advance, gains have slowed since an initial rally sparked by the trade agreement in the absence of specific details.

"It seems the market has almost fully digested the trade war updates," said Steven Leung, executive director at UOB Kay Hian (Hong Kong). "We will see much uncertainty next year."

Moving on to the next phase of the trade deal would be "very difficult" and people would likely remain concerned about China's economy, he added.

Gains for U.S. stocks came even as the House of Representatives impeached President Donald Trump on charges of abuse of power and obstructing Congress. The proceedings are now expected to go to trial in the Senate. Trump on Twitter said he wanted "an immediate trial" in the Senate, where his Republican Party has a majority.

On the mainland, the Shanghai Composite Index fell 0.4%. The yuan traded onshore was little changed against the dollar at 7.0101. China on Friday left its one-year Loan Prime Rate unchanged at 4.15%, as was widely expected.

Guangzhou R&F Properties ended 1% lower at HK$14.60 after falling as low as HK$14.12 as trading resumed after a day's halt. The Chinese property developer raised HK$3.73 billion ($479 million) in gross proceeds from an accelerated bookbuild offering that was priced at HK$13.68 a share.

Property developer Carnival Group International Holdings jumped 28.6% after saying a court had withdrawn a winding up petition against the company.

Great Wall Belt & Road Holdings fell 3.2% after the telecommunications and information technology company said it had entered an agreement of engagement with Oxshott Capital Partners in relation to overseas mergers and projects in media and technology.

--Benny Kung

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