Hong Kong Market gains on overseas lead

Hong Kong stock market finished session marginal higher on Friday, 21 May 2021, on tracking positive lead from Wall Street overnight. At closing bell, the benchmark Hang Seng Index was up marginal 0.03%, or 8.15 points, to 28,458.44. The Hang Seng China Enterprises Index added 0.56%, or 59.77 points, to 10,702.57.

The sub-index of the Hang Seng tracking commerce & industry sector rose 0.13%, while the utilities sector fell 0.62%, the finance sector fell 0.01%, and the properties sector shed 0.12%.

Tech stocks rose amid speculation more from the industry will join the benchmark from next month. Speculation on new entries buoyed JD.com, Li Ning and Smoore International by more than 1 per cent. Kuaishou Technology, Ping An health care and NetEase rose by at least 5 per cent.

 

On the flip side, old-economy stocks such as developers and banks fell. Longfor Group dropped 1.7 per cent, CK Hutchison shed 1 per cent and BOC Hong Kong lost 1.1 per cent.

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