HK, Shanghai rally, casino stocks fall on Macau move - RTHK

Tuesday 4th February 2020

Shanghai stocks rallied more than 1 percent on Tuesday, recovering some of the previous day's rout, boosted by bargain-buying and a huge injection of cash into the financial system by the mainland's central bank.

The benchmark Shanghai Composite Index jumped 1.3 percent, to 2,783, while the Shenzhen Composite Index climbed 1.8 percent, to 1,638.

In Hong Kong, the Hang Seng Index rose 1.2 percent, to close at 26,675.

Shen Zhengyang, an analyst with Northeast Securities, said investors took heart from Beijing's policy moves and the expectations of more to come.

The government pumped 1.2 trillion yuan into the economy on Monday to help stabilise markets, followed by almost 420 billion yuan more on Tuesday.

"But no turnaround will last long unless the [coronavirus] epidemic situation starts to dramatically improve," Shen said.

"The outbreak will definitely have a big impact on economic growth and the earnings of listed companies. Trading in the next few days is likely to be choppy."

In Hong Kong, investors built on Monday's modest gains as they track developments in the outbreak, with little major reaction to news of the first virus-linked death in the city.

Casino operators were deep in the red, however, after authorities in Macau said they would close all gaming houses in the gambling hub for two weeks.

Sands China fell 2 percent, Galaxy Entertainment was down 2.3 percent and Wynn Macau sank 1.7 percent.

The only other time Macau closed its casinos was in 2018, when the city was hit directly by a typhoon. (AFP)

Source

Best New Customer Offers

Bonus up to £1000 + 1000 LV Spins

Welcome Package

18+. New customers only. Welcome bonus is valid for first 4 deposits. Min. deposit £10. Wagering requirement 35x. Max bonus: £200 (100%) + £200 (50%) + £500 (25%) + £100 (200%). Max. spins: 200 + 200+ 500 +100 Spins. Full terms apply.

Bonus up to £200 + 100 Free Spins

Welcome Package

18+. New players only. Min Deposit £10. Welcome package splits over 3 deposits. 35x wagering requirement applies to match up bonus. Offer valid for 1 week. 100 spins split to 20 spins a day for 5 days. 50x wagering applies to spins. Full terms apply.

We use cookies and other tracking technologies to improve your browsing experience on our website, to show you personalized content and targeted ads, to analyze our website traffic, and to understand where our visitors are coming from. By browsing our website, you consent to our use of cookies and other tracking technologies. View more
Agree & Continue