Hong Kong stocks pare weekly loss as Macau casino operators, tech firms rebound from sell-off

stocks, crashed this week

Hong Kong stocks rose, paring losses during the week as Chinese tech stocks and Macau casino operators rebounded from a sell-off.

The Hang Seng Index rose 0.7 per cent to 24,839.24 in early Friday trading after slipping to a 10-month low on Thursday. The Hang Seng Tech Index advanced 2.1 per cent. China’s Shanghai Composite Index added 0.2 per cent before a two-day public holiday next week.

Alibaba Health Information Technology surged 5.8 per cent to HK$11.68 following a buy rating by Goldman Sachs, while Country Garden Holdings jumped 6.1 per cent to lead the charge among Hang Seng Index members.

Some casino operators in Macau regained some footing. Galaxy Entertainment, Wynn Macau and SJM Holdings each advanced by about 2 per cent or more. Sands China, however, slipped 2.3 per cent. The concessionaires crashed this week amid concerns about tighter regulations.

China Evergrande Group tumbled 3 per cent to a decade low of HK$2.55, bringing losses this week to almost 30 per cent, as the troubled Shenzhen-based developer looks for solutions to unwind more than US$300 billion of liabilities.

The Hang Seng Index remains on the back foot, having lost about 6.7 per cent from last Friday following weak August reports on China’s economy and the Macau casino uncertainty. That would represent its worst performance for the five-day period since March 2020.

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