Hong Kong Stocks rebound on bargain buying

Hong Kong stock market finished higher after fluctuating between gains and losses on Wednesday, 12 May 2021, as investors chased for bottom fishing on heavily battered stocks after the market suffered steep losses on Tuesday. At closing bell, the benchmark Hang Seng Index added 0.78%, or 217.23 points, to 28,231.04. The Hang Seng China Enterprises Index rose 1.2%, or 125.02 points, to 10,556.57.

The sub-index of the Hang Seng tracking commerce & industry sector added 2.2% and the utilities sector added 0.17%, while the properties sector fell 0.75% and the finance sector shed 0.49%.

Technology stocks paced the rebound, with Xiaomi led rally, up 6.1% gains, after the Chinese smart-phone maker was removed from US sanctions on investments. The US government agreed to set aside an executive order issued by the former Trump administration barring investments in Chinese companies with military ties after an American court ruling. E-commerce group Alibaba climbed 6.1% to HK$220.20 before its earnings report card on Thursday.

Chow Tai Fook Jewellery surged 6. 2% to HK$13.12 after it was added to the MSCI Hong Kong index following a semi-annual review this week. ASM Pacific slumped on its removal.

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