Home ›› 19 Aug 2021 ›› Stock
Hong Kong shares closed higher on Wednesday after their biggest drop in three weeks in the previous session, as financials and tech stocks boosted key indexes.
The Hang Seng index ended up 0.5 per cent at 25,867.01, while China Enterprises Index gained 1.0 per cent to 9,150.36. The financials sub-index finished up 1.2 per cent. Constituents HKEX, China Construction Bank and PingAn added 1.6 per cent, 1.1 per cent, and 3 per cent, respectively.
Tech stocks rebounded after Tuesday’s tumble that were triggered by draft regulations banning unfair competition and restricting the use of user data.
Food-delivery giant Meituan climbed 2.2 per cent, moving the up 34 points.
Social media company Tencent was up 0.3per cent, while e-commerce giant Alibaba closed 0.1 per cent lower.
China’s Geely Automobile Holdings Ltd rose 2.5 per cent, as the company kept its annual sales target, despite warnings of chip shortage. Healthcare sub-index dropped 0.8 per cent.
Chinese pork processing giant WH Group plunged 11.3 per cent, the biggest percentage decliner on the Hang Seng Index.
WH says it has noted recent decrease in its stock price and certain media reports regarding allegations made by Wan Hongjian, a former director who was removed for misconduct, against the company.
Indebted developer Evergrande Group dropped 0.8 per cent, while China Evergrande New Energy Vehicle Group slumped 7.3 per cent, as worries over Evergrande’s financial health deepened.
Zhao Changlong replaced Hui Ka Yan as chairman of flagship unit Hengda Real Estate Group on Tuesday, while CEO Xia Huijun cut stakes in Property Services and New Energy Vehicle Arm.
