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Wednesday, November 23, 2016, 16:25

Shares steady, Wall Street and mainland inflows

By Reuters

Hong Kong shares held steady on Wednesday, taking their cue from Wall Street's record run and helped by mainland money flowing into the city as the yuan weakened further.

Gains were capped, however, by fears that a strengthening dollar and a possible US interest rate hike next month would channel money away from emerging markets.

The Hang Seng index was unchanged at 22,676.69, while the China Enterprises Index gained 0.2 percent, to 9,665.99 points.

Sector performance was mixed. Financial and property stocks rose but energy shares corrected after recent gains.

HSBC said in its latest strategy report that it continues to "have a relative preference for the Hong Kong market", because of its attractive valuation and still strong, despite softening southbound inflows from mainland amid yuan depreciation expectations.

On Wednesday, Chinese investors spent 1.3 billion yuan (US$188.61 million) buying Hong Kong shares via the Shanghai-Hong Kong Connect scheme, with a similar investment link between Hong Kong and Shenzhen expected to be launched soon.

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