The Hang Seng Index tried to go straight to the 28,000 mark, hitting a new high of four and a half months in the intraday, reaching 27970 points
However, there was resistance at the mark. It finally closed at 27884 points, rose slightly by 40 points, and the market turnover shrank to 94.4 billion yuan. HSBC Private Bank said that up to the end of the year, the HSI will continue to consolidate at the current level, and it is expected to rise to 29,200 by the end of next year.
On the mainland stock market, the Shanghai Stock Index suspended its upward trend for three consecutive days and closed at 3017 points, down 0.2%;
the Shenzhen Stock Index closed at 10294 points, down 0.1%
the total turnover of the two cities shrank to 668 billion yuan.
In terms of blue chips, the Ministry of Commerce announced that the wholesale price of pork fell by 0.8% last week. Wanzhou (288) was the worst performing blue chip stock, inserting 3.8% at 7.78 yuan. On the contrary, Hengan (1044) was raised by Macquarie to raise its target price and closed 2.6% higher at 57.2 yuan, which was the best performing blue chip stock. Tencent (700) reached a seven-month high, having seen 380 yuan, and finally rose 1.7%. It closed at 377.6 yuan.
The China Automobile Association expects mainland auto sales to decline by 2% in 2020, and auto stocks are weak
BAIC (1958) inserted 5.1% to close at 4.46 yuan; BYD (1211) fell 3.6% to close at 37.6 yuan.
In terms of local telecommunications stocks, SmarTone (315) was funded and has soared 8.6%, as high as 6.44 yuan, closed 5.9% higher, to 6.28 yuan, with a turnover of 24.54 million yuan. In addition, 3 Hong Kong, a subsidiary of Hutchison Telecom Hong Kong (215), will launch a 5G monthly fee plan next year. The stock price rose 1.3% to close at 1.6 yuan.
Xiaomi (1810) was reduced by Chenxing Capital, the chairman of Hang Lung Properties (101) ‘s Chen Qizong family, and its share price fell 1.7% to close at 10.5 yuan with a turnover of 1.987 billion yuan.
HSBC Private Bank said that the HSI has roughly reflected the factors of the first stage of the China-US trade agreement and lacked catalysts in the short term. It is expected that the index will continue to consolidate at the current level for the rest of the year. At the same time, the bank also predicts that the HSI is expected to rise to 29,200 points by the end of next year.