Hong Kong Stocks mixed on profit taking

Hong Kong stocks closed mixed on Friday, 28 May 2021, as investors opted to book recent profit amid lingering worries about China's policy tightening and Sino-U.S. relations after the U.S. Senate advanced a sweeping package of legislation intended to boost the country's ability to compete with Chinese technology.

At closing bell, the benchmark Hang Seng Index rose marginal 0.04%, or 11.21 points, to 29,124.41. The Hang Seng China Enterprises Index fell 0.51%, or 54.80 points, to 10,793.55. For the week, the Hang Seng Index rose 2.3%.

The sub-index of the Hang Seng tracking the commerce & industry sector fell 1.23%, while the finance sector added 1.34%, utilities sector added 0.56%, and the properties sector added 0.85%.

Shares of energy companies surged on tracking an uptick in commodity prices. Crude oil prices climbed on promising U.S. economic data and expectations of a strong rebound in global fuel demand in the third quarter. Sinopec rose 1.2% to HK$4.21, while PetroChina added 0.6% to HK$3.17. CNOOC gained 0.5% HK$8.50.

Shares of CK Asset jumped 6% to HK$52.80, after the company said its share buy-back was oversubscribed at 108% after the offer was expanded to allow its key shareholder to maintain control. The firm will pay HK$19.38 billion for 380 million shares, pricing each share at HK$51.

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