Daily Report | Hong Kong stocks rebound as market remains positive on Xi-Trump meeting, despite Syria missile attack
Sentiment remains positive as investors expect no bad news to come out of presidential summit
Hong Kong stocks closed flat on Friday, after falling earlier in the day on panic selling after news broke of the US missile attack on a Syrian airbase.
Brokers said the rebound was due to the generally positive reaction to the ongoing meeting between the Chinese and US presidents, Xi Jinping and Donald Trump, believing market sentiment will continue to be positive next week.
The benchmark Hang Seng Index closed 6 points lower, or 0.03 per cent, to end the week at 24,267, recovering from a 1.2 per cent decline earlier, as the market reacted to the US military action.
The index has risen 0.65 per cent this week, reversing a 1 per cent decline last week. Market turnover on Friday stood at HK$88.8 billion.
The attack still sent international oil price higher, leading major oil stocks to rise in tandem.
CNOOC ended up 1.5 per cent to close at HK$9.54, PetroChina rose 2.3 per cent to close at HK$5.78, while Sinpec was up 1.4 per cent to close at HK$6.55.