Hong Kong Stocks recoup losses

The Hong Kong stock market finished session higher on Thursday, 23 July 2020, recouping parts of yesterday's losses, thanks to news of progress in vaccine trials and global stimulative steps. Market sentiments also supported by Ant Group's plan to dual list in Hong Kong and Shanghai as well as news of a new Hang Seng Tech Index.

At closing bell, the benchmark Hang Seng Index rose 0.82%, or 205.06 points, to 25,263.00. The Hang Seng China Enterprises Index added 0.8%, or 81.74 points, to 10,325.25.

City market fell 2.3% yesterday's amidst a dramatic escalation in tensions between Washington and Beijing after the United States on Wednesday gave China 72 hours to close its consulate in Houston, saying it was to protect American intellectual property and Americans' private information. China strongly condemned the move, and as per reports Beijing was considering shutting the U.S. consulate in Wuhan in retaliation.

Select tech stocks rose as investors chased them ahead of the new Hang Seng Tech Index. Benchmark heavyweight Tencent rose 3.3% to HK$557. Meituan Dianping increased 3.5% to HK$199. However, Alibaba slipped 0.6% to HK$246.60. The trio, plus Xiaomi and Sunny Optical, will be the most heavily weighted stocks in the new tech index. Sunny Optical advanced 3.5%, while Xiaomi rose 1.9%. AAC Tech, which makes lenses for smartphones and will also be in the Tech Index, shot up 12.9%.

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