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Hang Seng inches higher on property, consumer boost

01/21/2022 | 03:47am EDT

* Hang Seng index ends up 0.05%

* Consumer staples +2.59%, property and construction +1.03%

* Country Garden slumps after convertible bond plan

Jan 21 (Reuters) - Hong Kong's Hang Seng index closed higher on Friday, turning around from earlier losses on a boost from real estate and consumer staples firms, but sentiment remained fragile amid concern over Fed tightening and China's economic outlook.

** At the close of trade, the Hang Seng index was up 13.20 points or 0.05% at 24,965.55, after earlier falling more than 0.9%. The Hang Seng China Enterprises index rose 0.29% to 8,787.3.

** Gains were led by consumer staples firms, with an index tracking the sector closing up 2.59% on the day.

** A sub-index tracking property and construction firms rose in the afternoon session to close 1.03% higher, led by a 5.06% rise in Kerry Properties and a 4.95% gain in Sunac China Holdings

** The index has risen for four straight sessions this week on hopes that a slew of recent government measures will help ease the sector's funding squeeze and reverse a slump in construction.

** In the latest indication of easing moves to combat a slowing economy, sources told Reuters that China's central bank will cut interest rates on its standing lending facility loans for all tenors on Friday.

** But China Evergrande Group fell 0.56% and Country Garden Holdings dropped 2.87% amid continued concerns over liquidity.

** Evergrande said on Friday it was hiring more financial and legal advisers after a group of international creditors said it would take "enforcement action" if the property developer did not do more to resolve a debt default.

** Country Garden, China's biggest property developer by sales, said it would issue HK$3.9 billion ($500.76 million) of convertible bonds to refinance debt after reportedly failing to attract sufficient demand for a $300 million convertible bond last week.

** China's main Shanghai Composite index closed down 0.91% at 3,522.57 points, while the blue-chip CSI300 index ended down 0.92%.

** Around the region, MSCI's Asia ex-Japan stock index was weaker by 1.01%, while Japan's Nikkei index closed down 0.9%.

($1 = 7.7881 Hong Kong dollars) (Reporting by Andrew Galbraith Editing by Mark Heinrich)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / US DOLLAR (AUD/USD) 0.27% 0.71054 Delayed Quote.-2.75%
BRITISH POUND / US DOLLAR (GBP/USD) -0.27% 1.25312 Delayed Quote.-7.59%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) -0.27% 0.7795 Delayed Quote.-1.40%
CHINA EVERGRANDE GROUP 8.55% 1.65 End-of-day quote.3.77%
COUNTRY GARDEN HOLDINGS CO. LTD. -1.63% 4.82 Delayed Quote.-29.19%
EURO / US DOLLAR (EUR/USD) 0.46% 1.07328 Delayed Quote.-7.05%
HANG SENG -1.75% 20112.1 Delayed Quote.-12.51%
HANG SENG CHINA ENTERPRISES -1.98% 6883.14 Delayed Quote.-14.74%
INDIAN RUPEE / US DOLLAR (INR/USD) 0.10% 0.012912 Delayed Quote.-4.36%
KERRY PROPERTIES LIMITED -0.40% 19.92 Delayed Quote.3.20%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) 0.18% 0.6456 Delayed Quote.-6.09%
NIKKEI 225 -0.94% 26748.14 Real-time Quote.-6.22%
S&P/CITIC 300 INDEX -2.37% 3613.2 Real-time Quote.-17.59%
S&P/CITIC 50 INDEX -1.91% 3457.8 Real-time Quote.-15.99%
SUNAC CHINA HOLDINGS LIMITED -5.18% 4.58 Delayed Quote.-61.12%
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