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  • Headline indices of the Hong Kong share market closed higher for second straight session on Tuesday, 11 June 2019, on tracking rally in the Mainland A-share market after Chinese authorities appeared to back new measures to support the economy, offsetting U.S. President Donald Trumps latest threat of more tariffs. Additionally, the United States dropped plans to impose tariffs on Mexican goods and expectations for interest rate cuts globally have given investors a catalyst to re-enter city market. Market gains were, however, limited as fresh U.S. trade threats against China, with eyes on a possible meeting between Trump and Xi Jinping at the G20 summit in Japan this month. At closing bell, the Hang Seng Index advanced 0.76%, or 210.70 points, to 27,789.34. The Hang Seng China Enterprises Index was up 0.9%, or 93.21 points, to 10,620.13. Turnover decreased slightly to HK$91.6 billion from HK$91.9 billion on Monday.

    The market mood was brightened on tracking positive close of US market overnight after President Donald Trump suspended plans to impose tariffs on Mexican goods after the countries struck a deal on immigration. The Dow Jones Industrial Average rose 78.74 points, or 0.3%, higher at 26,062.68. The S&P 500 gained 0.5% at 2,886.73. The Nasdaq Composite rose 1.1% to 7,823.17.

    Also, local market received a boost on decision by Chinese authorities to back special-purpose bond issuances by local governments. The Chinese finance ministry said on late Monday that special bonds sold by local governments will be allowed to bankroll construction of key projects and financial institutions will be encourage to provide additional funding. The move is an effort to accelerate financing of major projects through the bond issuances, which are used largely for infrastructure investment, including highways, gas and power supply and railways, which would help prop up a slowing economy.

    Market gains were, however, limited after continued rumble of hostile rhetoric from the U.S. and China over trade. Chinas foreign ministry on Tuesday said it would respond firmly if the U.S. insisted on escalating trade tensions, after U.S. President Donald Trump on Monday said further tariffs on Chinese imports would take effect if the two countries dont reach a deal at a meeting of Group of 20 leaders later this month.

    Chinese officials have not confirmed that President Xi will meet with president Trump at the meeting, to be held June 28-29. President Trump said Monday that if Xi doesnt meet with him, additional tariffs will be placed on Chinese goods.

    Shares of China Infrastructure counters rose after Chinas central government allows local government to use specific bond issuance program as an equity finance source for infrastructure development. China Railway (00390) soared 7.8% to HK$6.21. China Communications Construction (01800) jumped 4.9% to HK$7.35. China Railway Construction (01186) surged 7.2% to HK$10.08. CRRC Corporation (01766) gained 3.7% to HK$6.78. Zhuzhou CRRC Times Electric (03898) put on 1.7% to HK$42.35.

    China Literature surged 7.7% to HK$33.50, after shareholders of the e-book seller approved a plan to spend as much as HK$500 million buying back no more than a 10% stake in the following six months.

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