Hong Kong stocks post one-month closing high as techs shine

Guangdong Investment

24/08/2020 09:46

* HK->Shanghai Connect daily quota used 1.4%, Shanghai->HK
daily
quota used 5.2%
    * HSI +1.7%, HSCE +1.2%, CSI300 +0.8%
    * FTSE China A50 +0.5%,

    Aug 24 (Reuters) - Hong Kong stocks rose to a one-month
closing high on Monday, led by tech firms as investors cheered
Beijing's continued efforts to foster tech strength. 
    ** The Hang Seng index  .HSI  was up 437.74 points, or
1.74%, at 25,551.58, its best finish since July 21. The Hang
Seng China Enterprises index  .HSCE  rose 1.22% to 10,336.95. 
    ** The Hang Seng IT sub-index  .HSCIIT  jumped 5.2%, with
bellwether Meituan Dianping  3690.HK  advancing 8.4% to an
all-time high on forecast-beating quarterly revenue.
 urn:newsml:reuters.com:*:nL4N2FQ1FT 
    ** The newly-launched Hang Seng tech index  .HSTECH  also
outperformed with a 2.3% gain. 
    ** The gains were in line with tech strength on the mainland
as investors cheered Beijing's latest reforms to bolster its
capital markets. 
    ** Shares of 18 companies surged on their ChiNext debut,
kicking off a historic reform that will see Shenzhen officially
challenge Shanghai for tech listings, while adding fuel to a
"technology war" with the United States.  urn:newsml:reuters.com:*:nL4N2FQ0SS 
    ** Based on Shanghai's year-old STAR Market, the broadening
IPO reform will help strengthen the appeal of China's capital
markets at a time when Chinese tech firms face growing U.S.
scrutiny and risk of being delisted from U.S. markets.
 urn:newsml:reuters.com:*:nL4N2FO01U 
    ** Real estate and consumer-related stocks posted strong
gains recently as new coronavirus cases dropped in Hong Kong,
raising hopes that lockdown restrictions could be eased soon,
said Steven Leung, a Hong Kong-based executive director at UOB
Kay Hian.
    ** The market also got a boost from a rally in index
heavyweight Tencent, as it seems the U.S. sanctions on the tech
giant could be confined only to the United States, Leung added.
    ** Tencent  0700.HK  spiked 5.8% following a report of U.S.
reassurances over WeChat ban.  urn:newsml:reuters.com:*:nFWN2FN0FJ 
    ** Around the region, MSCI's Asia ex-Japan stock index
 .MIAPJ0000PUS  was firmer by 1%, while Japan's Nikkei index
 .N225  closed up 0.28%.

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