Hong Kong Market gains on upbeat China GDP data

Hong Kong stock market finished session higher on Monday, 18 January 2021, as investors cheered better-than-expected gross domestic product (GDP) data of the world's second-largest economy. At closing bell, the benchmark Hang Seng Index advanced 1.01%, or 288.91 points, to 28,862.77. The Hang Seng China Enterprises Index added 1.25%, or 141.99 points, to 11,462.52.

China's gross domestic product climbed 6.5% on year in the fourth quarter of 2020, the National Bureau of Statistics said on Monday, up from 4.9% in the three months prior. On a seasonally adjusted quarterly basis, GDP expanded 2.6%, slowing from 2.7% in Q3.

New economy stocks led the gains, with the Hang Seng Tech Index of top technology companies rising 3.9%. Smartphone lens maker Sunny Optical added 7.5% to HK$204.80, while food delivery giant Meituan rose 5.7% to HK$325.

 

The Chinese mobile giants also rose, with China Mobile rising 4.5% to HK$49.20, China Unicom adding 2.2% to HK$5.12 and China Telecom gaining 3.4% to HK$2.42.

Sundy Service Group, a property management company based in Hangzhou, fell on its trading debut on the Hong Kong stock exchange, dropping 36% to 16 Hong Kong cents compared with its initial public offering (IPO) price of 25 Hong Kong cents.

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