Hong Kong Market rebounds from three-week low

Hong Kong stock market finished session lower on Thursday, 17 June 2021, snapping a two-day decline, as investors chased for value buying, with shares in carmakers and semiconductor producers being notable gainers.

At closing bell, the benchmark Hang Seng Index advanced 0.43%, or 121.75 points, to 28,558.59. The Hang Seng China Enterprises Index added 0.25%, or 26.70 points, to 10,589.67.

The sub-index of the Hang Seng tracking the commerce & industry sector added 0.91% and utilities sector added 0.38%, while the properties sector fell 0.24% and the finance sector fell 0.1%.

Semiconductor stocks surged after reports that producers will raise prices amid a capacity crunch. SMIC added 5.4% while Hua Hong Semiconductor jumped 10%.

BYD Co surged 8.4% after announcing a plan to list its chip unit on the ChiNext board. Geely Auto climbed 3.4%.

Soho China surged 22% to HK$4.63 after US private equity group Blackstone offered HK$5 per share or US$3.05 billion to take control of the mainland office and retail property developer.

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