Hong Kong shares rebound as tech stocks shine

China Resources Gas

04/08/2020 09:46

* HK->Shanghai Connect daily quota used 9.8%, Shanghai->HK
daily
quota used 2.9%
    * HSI +2.0%, HSCE +1.7%, CSI300 +0.1%
    * FTSE China A50 +0.8%

    Aug 4 (Reuters) - Hong Kong stocks snapped a three-session
losing streak and ended higher on Tuesday, led by strong gains
in technology firms. 
    ** At the close of trade, the Hang Seng index  .HSI  was up
488.50 points or 2% at 24,946.63. The Hang Seng China
Enterprises index  .HSCE  rose 1.7% to 10,203.88.
    ** Tech shares led the gains, with the newly-launched Hang
Seng tech index  .HSTECH  up 2%. 
    ** Meituan Dianping  3690.HK  closed at an all-time high, as
mainland investors continued to buy into the Chinese food
delivery giant.  urn:newsml:reuters.com:*:nL4N2F61MI 
    ** Tech firms also got boost from expectations that
household names Alibaba  BABA.N  9988.HK , Meituan Dianiping
 3690.HK  and Xiaomi Technology  1810.HK  may join Hong Kong's
Hang Seng Index this month. 
    ** Mainland China and offshore hub Hong Kong's latest
indexes representing technology companies are likely to attract
$25 billion in five years from passive investors, according to a
Goldman Sachs report released on Thursday.  urn:newsml:reuters.com:*:nL3N2F12EH 
    ** The Nasdaq surging to another record high would provide
support for Hong Kong's tech players, KGI Securities said in a
note, adding that Hang Seng's Q2 index review would also help
boost tech giants including Meituan and Xiaomi. 
    ** Though caution remained given the persistent Sino-U.S.
tensions. 
    ** The editor of a newspaper published by China's ruling
Communist Party's People's Daily said on Tuesday that Beijing
would retaliate if all Chinese journalists based in the United
States are forced to leave the country.  urn:newsml:reuters.com:*:nL4N2F60BS  
    ** Around the region, MSCI's Asia ex-Japan stock index
 .MIAPJ0000PUS  was firmer by 1.48%, while Japan's Nikkei index
 .N225  closed up 1.7%.
    ** The yuan  CNY=CFXS  was quoted at 6.983 per U.S. dollar
at 0827 GMT, 0.02% weaker than the previous close of 6.9819. 

 (Reporting by the Shanghai Newsroom; Editing by Rashmi Aich)
 ((luoyan.liu@thomsonreuters.com; Reuters Messaging:
luoyan.liu.thomsonreuters.com@reuters.net))