Hong Kong Stocks end mostly higher

Hong Kong stock market eked out marginal gain on Monday, 31 May 2021, as the release of softer than expected China's official manufacturing Purchasing Managers' Index for May, Memorial Day market closure in the United States, and on caution ahead of major global economic data due out this week.

At closing bell, the benchmark Hang Seng Index rose marginal 0.09%, or 27.39 points, to 29,151.80. The Hang Seng China Enterprises Index added 0.89%, or 95.57 points, to 10,889.12.

The sub-index of the Hang Seng tracking the commerce & industry sector rose 1.96%, while the finance sector fell 1.61%, utilities sector fell 1.62%, and the properties sector fell 1.43%.

 

China's PMI of the manufacturing industry fell to 51 in May from 51.1 in the previous month, according to the National Bureau of Statistics. The softer than expected reading eased concerns that the central bank is not likely to raise borrowing costs this year, but may continue to taper monetary stimulus by slowing credit growth at a modest pace to ensure financial stability.

Shares of Meituan jumped 10.9 per cent to HK$294 after a bullish earnings report. Meituan's first-quarter revenue more than doubled to 37 billion yuan (US$5.8 billion) from a year earlier. The Beijing-based on-demand delivery service provider also mentioned about its strategic priority in cooperating with China's antitrust investigation.

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