=MARKET BUZZ: Hong Kong’s HSI Flat This Week Ahead Of China’s Party Congress
HONG KONG (Oct 13) -- Hang Seng ends little changed at 28,476.43 for the day and for the week as well as investors await outcome of China’s party congress that starts next Wednesday. “The overall trend and momentum is definitely on the higher side. However, a bit of consolidation is expected ahead of the beginning of such a crucial event,” Delta Asia Securities chief operating officer Victor Au says. “From China’s economy and market point of view, we expect the event to be a positive.” Casino stocks amongst worst performers this week, while Cathay Pacific Airways comes out on top. Galaxy Entertainment Group and Sands China shed 4.2% each since last Friday, after number of analysts cut their estimates for October Macau casino revenue, citing muted growth in gross gaming revenues during Golden Week. Cathay Pacific up 6.5% this week, best in 4 months, after Goldman Sachs adds airline to its conviction list, saying investors underestimating airlines potential to boost earnings. HK developers end higher this week, overcoming initial disappointment that city’s chief executive did not address farm land conversion in her policy address. New World Development leads rally, up 5.5% this week. Shanghai Composite closes up 0.2% on Friday, taking advance this week to 1.2%.
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