Hong Kong Market extends gain to second day

Hong Kong stock market finished higher for second straight session on Tuesday, 05 January 2021, thanks to strong gains in China's three telecom giants after the New York Stock Exchange reversed its decision to delist their American depositary receipts.

At closing bell, the benchmark Hang Seng Index advanced 0.64%, or 177.05 points, to 27,649.86. The Hang Seng China Enterprises Index added 0.48%, or 51.16 points, to 10,774.15.

The New York Stock Exchange reversed its decision to delist their American depositary receipts after announcing on the eve of New Year a decision to remove the ADRs issued by the Chinese telecom companies - China Telecom, China Mobile and China Unicom from as soon this week to comply with President Donald Trump's executive order.

Shares of technology phone carriers advanced, with China Unicom rising 8.5 per cent to HK$4.85, pacing gainers among blue chips on the benchmark Hang Seng Index. China Mobile rose 5.1 per cent to HK$46.10 while China Telecom added 3.3 per cent to HK$2.16.

WuXi Biologics slumped 1.3 per cent to HK$101.90, after a company controlled by its chairman Ge Li agreed to sell a block of 102 million shares at HK$96.50 each or HK$9.84 billion.

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