Hong Kong Stocks gain for second day

Hong Kong stock market advanced for second straight session on Wednesday, 30 December 2020, with technology stocks such as Alibaba Group Holding, Meituan leading rally on bargain hunting after a recent losses induced by China's clampdown on monopolies.

At closing bell, the benchmark Hang Seng Index surged 2.18%, or 578.62 points, to 27,147.11. The benchmark index gained 15.7% in December quarter. The Hang Seng China Enterprises Index grew 2.05%, or 213.76 points, to 10,662.93. The sub-index of the Hang Seng tracking energy shares dipped 0.8%, while the IT sector rose 4.75%, the financial sector ended 1.32% higher and the property sector rose 1.41%.

Shares of technology companies gained on bargain hunting. China's biggest technology companies took a hit at the start of the week as Chinese regulators tightened its grips on the internet industry in its efforts to clamp down on antitrust and monopolistic practices. Alibaba rose 6.4% to HK$236.20, while Tencent Holdings added 5.5% to HK$559.50 and Meituan gained 5.3% to HK$287.80. Chip maker Semiconductor Manufacturing International Corp soared 12% to HK$20.40.

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