HK shares edge up as gains in consumer sector offset Tencent losses

Shenzhou International group

21/05/2021 10:22

* Hang Seng index ends up 0.03%
    * China Enterprises index HSCE rises 0.56%
    * HSI financial sub-index is flat; property down 0.1%

    HONG KONG, May 21 (Reuters) - Hong Kong equities ended
firmer on Friday as demand for consumer discretionary and
healthcare stocks helped offset selling pressure on
communication firms, after lackluster results dragged Tencent
 0700.HK  shares.
    ** Tencent, down 3.37%, led losses on the benchmark index
 .HSI , with Nomura trimming the Chinese gaming and social media
giant's price target after first-quarter core earnings slightly
missed the brokerage's expectation.  urn:newsml:reuters.com:*:nL2N2N70LH
    ** At the close of trade, the Hang Seng index  .HSI  was up
8.15 points, or 0.03%, at 28,458.44. The index was up 1.5% for
the week. 
    ** The Hang Seng China Enterprises index  .HSCE  gained
0.56% to 10,702.57. The index rose 2.9% for the week. 
    ** Leading the gains, the Hang Seng healthcare index
 .HSCIH  gained 2.2% while consumer discretionary stocks
 .HSCICD  climbed 1.4% 
    ** The top gainer on the Hang Seng was Shenzhou
International Group Holdings Ltd  2313.HK , which jumped 4.46%.
    ** Crypto-related shares in Hong Kong slumped after U.S.
Federal Reserve Chief Jerome Powell said cryptocurrencies pose
risks to financial stability and indicated that greater
regulation may be warranted.  urn:newsml:reuters.com:*:nL2N2N72DE
    ** But following a regulatory announcement of a tougher ban
by Beijing on crypto-related services by financial companies,
market players in China said it was business as usual in the
country.  urn:newsml:reuters.com:*:nL2N2N803D
    ** China's main Shanghai Composite index  .SSEC  closed down
0.58% at 3,486.56 points, while the blue-chip CSI300 index
 .CSI300  ended down 1.01%.
    ** The yuan  CNY=CFXS  was quoted at 6.4355 per U.S. dollar
at 08:08 GMT, barely changed compared with the previous close of
6.4355.
    ** The top gainers among H-shares were Nongfu Spring
 9633.HK , up 6.43%, followed by Kuaishou Technology  1024.HK ,
gaining 5.73%, and NetEase Inc  9999.HK , up 4.82%.
    ** The three biggest H-shares percentage decliners were
Tencent, Longfor Group  0960.HK , which fell 1.81%, and China
Merchants Bank  3968.HK , down by 1.19%.
    ** At close, China's A-shares were trading at a premium of
37.12% over Hong Kong-listed H-shares.

 (Reporting by Donny Kwok; Editing by Devika Syamnath)
 ((donny.kwok@thomsonreuters.com; +852 3952 5874; Reuters
Messaging: donny.kwok.reuters.com@reuters.net))