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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) 1.54% 0.7063 Delayed Quote.-3.17%
BRITISH POUND / US DOLLAR (GBP/USD) 1.32% 1.2505 Delayed Quote.-7.71%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) 0.67% 0.78102 Delayed Quote.-1.28%
CHINA EVERGRANDE GROUP 8.55% 1.65 End-of-day quote.3.77%
COUNTRY GARDEN HOLDINGS CO. LTD. 1.65% 4.94 Delayed Quote.-29.77%
EURO / US DOLLAR (EUR/USD) 1.22% 1.0598 Delayed Quote.-7.24%
HANG SENG -2.54% 20120.68 Delayed Quote.-11.77%
HANG SENG CHINA ENTERPRISES -2.68% 6899.19 Delayed Quote.-13.93%
INDIAN RUPEE / US DOLLAR (INR/USD) 0.46% 0.012911 Delayed Quote.-3.86%
KERRY PROPERTIES LIMITED 0.00% 20.55 Delayed Quote.1.23%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) 1.76% 0.64018 Delayed Quote.-7.01%
NIKKEI 225 -1.89% 26402.84 Real-time Quote.-6.53%
S&P/CITIC 300 INDEX 0.28% 3648.3 Real-time Quote.-18.99%
S&P/CITIC 50 INDEX -0.28% 3480.84 Real-time Quote.-16.81%
SUNAC CHINA HOLDINGS LIMITED -5.18% 4.58 Delayed Quote.-61.12%
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