Hong Kong's Hang Seng Index gains as bargain hunters swoop in on hard-beaten technology stocks

Omicron strain, Meituan

Hong Kong’s benchmark stock index made its biggest intraday percentage jump in 14 days, defying declines on the Shanghai and Shenzhen exchanges, as investors scooped up technology stocks that have fallen to attractive levels, while casinos extended their slumps.

The Hang Seng Index rose by as much as 1.4 per cent, or 339.87 points, to an intraday high of 23,815.13, breaking a three-day losing streak even as worries of the new Omicron strain whipsawed global markets. The city’s tech gauge gained 0.9 per cent. The China Enterprise Index, which tracks the performance of China-based companies, advanced by 1.4, or, 118.84 points, to an intraday high of 8,487.33.

Gains in Hong Kong were led by the power tool maker Techtronic Industries, which rose by as much as 5.6 per cent, their biggest one-day jump in more than a month, to HK$169.90. Meituan, China’s dominant food delivery and restaurant review service, jumped by 3.9 per cent from its one-month low to HK$247.20.

Casino stocks fell, amid a crackdown on the biggest junket operator in Macau. Galaxy Entertainment Group, one of six casino concessionaires in Macau, fell by as much as 3.5 per cent top HK$41.15, while Sands China Limited, the Macau gambling arm of the Las Vegas brand, dropped by 2.9 per cent to HK$17.90.

Trading was halted in Suncity Group Holdings, Macau’s biggest operator of junkets that bring high rollers to gamble in casinos, after a one-day resumption in transactions saw prices plunging by 48.2 per cent to 13.2 Hong Kong cents. The stock was first halted on Monday amid reports that its chairman was arrested for soliciting gambling in mainland China.

China’s stock indexes were down, after the Caixin/Markit manufacturing managers’ index (PMI) fell to 49.9 in November, from 53.8 the previous month, indicating a contraction in the world’s second-largest economy. The findings from the private survey, which focuses more on small firms in coastal regions, stood in contrast with those in an official survey on Tuesday that showed manufacturing activity grew for the first time in three months, Reuters said.

The CSI300 Index, which tracks the performance of stocks in Shanghai and Shenzhen, fell as much as 8.1 points, or 0.2 per cent, to 4,823.93. The Shanghai Composite Index, rose 1.65, or by 0.05 per cent to 3,565.54 after dipping by 0.1 per cent earlier. The Shenzhen Composite Index in the country’s technology hub dipped by as much as 0.3 per cent, or by 6.78 points to 2,512.48.

Tencent Holdings, the largest Chinese technology stock by value, jumped by 3.1 per cent to HK$473.60. Property developers advanced, with China Resources Land and China Overseas Land gaining at least 1.9 per cent.

Chinese vice-premier Liu He, seen as President Xi Jinping’s top economic adviser, said China’s economy has continued to recover this year as employment and prices were maintained, according to his speech made at the Hamburg Summit on Tuesday. He has full confidence in China’s economy next year, with its “dual circulation” strategy.

On the mainland, two companies started trading for the first time. Shanghai Prisemi Electronics, which produces and sells semiconductor devices, began trading at 199 yuan, a premium of 47.6 per cent to its initial public offering price of 134.81 yuan. Siglent Technologies, which makes digital oscilloscopes and other testing equipment in Shenzhen, more than doubled in its trading debut to 108 yuan, from its IPO price of 46.60 yuan on the Shanghai exchange.

News Related

OTHER NEWS

Mobikwik expects to double revenue this fiscal, stays cautious on IPO launch

IPO-bound fintech firm Mobikwik. Representative image. IPO-bound fintech firm Mobikwik is expecting to close the current financial year with 100 per cent revenue growth, a top company official said. Mobikwik ... Read more »

Lamborghini bullish on India ranking higher in its top 10 markets in APAC region

Italian super luxury carmaker Automobili Lamborghini is bullish on India to rank higher in its top 10 markets in the Asia Pacific region going forward, buoyed by strong consistent performance ... Read more »

India's economy has 'some bright spots, a number of very dark stains': Raghuram Rajan

Raghuram Rajan The Indian economy has “some bright spots and a number of very dark stains” and the government should target its spending “carefully” so that there are no huge ... Read more »

Celebrity Homes | At artists Jayasri Burman and Paresh Maity's house, songs of parrots and a special place for Durga

A giant mirror dominates the living room. Next to it, is an old oil-on-canvas by Jayasri Burman and her Ganesh Janani sculpture; (right) Paresh Maity’s painting ‘Benaras’ also hangs in ... Read more »

Devas shareholders to continue seizing Indian assets abroad

Unfazed by the Supreme Court upholding winding up of the company, shareholders of Devas Multimedia will continue to seek seizure of Indian government assets abroad to collect USD 1.2 billion ... Read more »

Big Tech beware: Asian creators are rewriting the future with Web 3.0

The creator economy, estimated to be worth more than US$100 billion worldwide, is thriving. More than 50 million people globally consider themselves creators, and much success has been attained on ... Read more »

Asian private equity firm PAG weighs US$2 billion Hong Kong IPO plan

Asia-focused private equity firm PAG is considering an initial public offering (IPO) in Hong Kong, according to people with knowledge of the matter, in what would be one of the ... Read more »

Moneycontrol PRO & Espresso present Nifty Banker 2.0 on Sunday, 23rd January, at 8 pm, with Vivek Gadodia on “Blue Mountain Strategy for Index Trading”

Nifty Banker 2.0 is India’s First Retail Index Traders Online Conference to be organised in India. Some of the best index traders in India will share their deep trading knowledge ... Read more »

10 key factors that traders should keep an eye out for in truncated week

The market lost over three percent and snapped a four-week winning streak in the week ended January 21 amid weak global cues and continued selling by foreign institutional investors (FIIs). In ... Read more »

Cryptocurrency Prices Today: Bitcoin falls over 1%, Solana tumbles 14%

Representative image The global cryptocurrency market capitalisation dropped to $1.6 trillion from $1.7 trillion during the last 24 hours while the trading volume rose from $126 billion to $130 billion. ... Read more »

Inside Big Bang's Taeyang and Min Hyo-rin's new luxury home – K-pop celebrities BTS, G-Dragon and Blackpink also live in the upscale Hannam neighbourhood dubbed the ‘Beverly Hills of Seoul'

It isn’t just blowout Korean celebrity weddings that arouse fans’ attention. When a male K-star who is dating splurges on a piece of residential property, his followers see it as ... Read more »

Petrol, Diesel Prices Today on January 23: Check rates in Delhi, Mumbai and other cities

In Kolkata, petrol and diesel prices remained at Rs 104.67 per litre and Rs 89.79 per litre, respectively. (Representative image) Petrol and diesel prices remained unchanged for the 79th day ... Read more »

Hong Kong stockbrokers' bonuses shrink after 2021 market rout, while staff at banks including HSBC and Bank of East Asia reap the rewards

Thousands of Hong Kong stockbrokers are bracing themselves for slimmed down or nonexistent bonuses to kick-start the Year of the Tiger, after a months-long market rout that savaged their firms’ ... Read more »

Daily Voice | Budget 2022: These 3 announcements may surprise markets, says Mohit Nigam of Hem Securities

Mohit Nigam is the Head – PMS at Hem Securities Mohit Nigam, Head – PMS at Hem Securities, says the current decline in the market from the top ought to ... Read more »

UK's oldest cinema reopens after 'biggest existential crisis' ever faced by the industry

"Everyone's really excited with the phone ringing off the hook with everyone saying 'when are you open? When can I come back?' I think people are looking forward to it," says the manager of The Electric cinema - which dates back to 1909. Read more »

France: Business owners share relief as British skiers allowed to return to French slopes after travel restrictions eased

UK holidaymakers were banned from travelling to France for a holiday for almost a month after COVID travel restrictions were brought in to stop the spread of Omicron. Read more »

Hong Kong's Sandbox VR was nearly killed by Covid, but it now has global ambitions amid surging demand

Hong Kong-Based virtual reality start-up Sandbox VR plans to expand to 40 locations around the globe, more than tripling the 12 shops it already has, in a rebound after Covid-19 ... Read more »

Big rise in complaints to banking watchdog over new 'KFC, Uber, pregnancy' loan rules

The Banking Ombudsman Scheme says it has seen complaints about lending delays double since the borrowing rules came into effect. The Credit Contracts and Consumer Finance Act (CCCFA) requires banks ... Read more »

Hospitality hit by chronic staff shortages - 'Worst we've seen'

Queenstown hospitality operators, already battered by the dropoff in tourist numbers, are being further beaten up by chronic staff shortages. As a result, restaurants are cutting trading hours, copping complaints ... Read more »

China must brace for ‘digital cold war' with US as battle for tech supremacy heats up

China needs to brace for a “digital cold war” with the United States as the two nations go head-to-head for dominance of the internet economy. The warning from a top ... Read more »

Is there a ‘perfect' relationship? No, so stop looking for one – it causes stress, depression and prevents you making real connections

Most of us accept that no relationship is perfect and that, as human beings, we are all flawed. However, there are still some people out there who believe in finding ... Read more »

Ships with liquefied gas change course: imports doubled

Liquefied gas has therefore become an alternative for Europe for gas from our own soil or via the pipelines. For years, that subterfuge was not really necessary. “The Gate terminal ... Read more »

COVID-19 update | Maharashtra records 46,393 cases, 48 deaths

Representative image Maharashtra on Saturday recorded 46,393 new coronavirus cases including 416 Omicron infections and 48 pandemic-related deaths, the health department said. The daily new cases came down by more ... Read more »

High fertilizer prices could mean smaller crops for farmers

COLUMBUS, Miss. — Farmers across Mississippi are having to adjust to a steep rise in the price of fertilizer. The Mississippi State Extension Service recently released a study about how ... Read more »

Why you might be leasing not buying your next couch

shironosov | iStock | Getty Images Before eventually moving to California, the grandson of one of interior designer Phyllis Harbinger's wealthy clients who had just graduated from college opted to ... Read more »

Behind GM, Ford's aggressive new electric vehicle strategy is old-time financing: Cash

The cab to a Ford all-electric F-150 Lightning truck prototype is seen on an automated guided vehicle (AGV) at the Rouge Electric Vehicle Center in Dearborn, Michigan, September 16, 2021.Rebecca ... Read more »

Exclusive: SEBI pulls up PTC India Financial, says no board meeting till corporate governance issue addressed

Securities and Exchange Board of India has pulled up PTC India Financial Services (PFS), asking the company not to hold a board meeting until the corporate governance issues are addressed ... Read more »

Cuba relaxes COVID requirements for Russian tourists arriving in groups

Cuba’s embassy in Moscow told that the entry regulations had been relaxed for Russian travelers due to an improving epidemiological situation in the country Read more »

Sibir nuclear-powered icebreaker arrives at homeport of Murmansk from Baltic Shipyard

In Murmansk, the Sibir will start operating along the Northern Sea Route Read more »

Bitcoin pyramid schemes wreak havoc on Brazil's 'New Egypt'

CABO FRIO, Brazil — In April, Brazil’s federal police stormed the helipad of a boutique seaside hotel in Rio de Janeiro state, where they busted two men and a woman ... Read more »

End of tech party hits wealth Jeff Bezos hard: $25 billion up in smoke

The rapidly deteriorating mood is particularly noticeable on the Nasdaq, where many tech giants are listed. From its peak in November last year, the technology stock market has already fallen ... Read more »

Ministop joins French fry war in Japan with larger Bucket Potato as McDonald's reel from potato shortage

Ministop’s Bucket |Potato Ministop has joined the French fries war in Japan by offering its Bucket Potato, which has three times the amount of their X Fried Potatoes for 641 ... Read more »

German government: natural gas is an interim solution in the energy transition

Photo: ANP The use of natural gas is necessary as an interim solution for the energy transition. The German government wrote this in a letter to the European Commission. Berlin ... Read more »

8 Features of The Best Forex Trading Platforms

Retail trading is a robust industry. Around the world, millions of people buy and sell currencies online, and the term “Forex” is now associated with broad portfolios comprising currencies, stocks, ... Read more »

Shell looks at sustainable projects in France with €4 billion in its pocket

According to Van Beurden, Shell is looking at possible investments in French offshore wind farms, charging stations for electric cars and the production of hydrogen and biofuel for aircraft. France ... Read more »

The 21-year-old College Cuber makes $8,000 mosaics of sports stars using cubes

Dylan Sadiq, known as “The College Cuber” charges $8,000 for his mosaics made of cubes. Pro teams including the NBA's Detroit Pistons have purchased the artwork.Courtesy: Dylan Sadiq | The ... Read more »

In Pics: Reliance Industries' recent acquisitions and investments

Reliance Retail Ventures (RRVL), through its wholly-owned subsidiary 7-India Convenience Retail, entered into a master franchise agreement with 7-Eleven, Inc (SEI) for the launch of 7-Eleven convenience stores in India. ... Read more »

Experts seriously doubt whether patent waivers on Covid-19 vaccines will ever come to be

It's been well over a year since a landmark proposal brought the issue of patent waiver for the mRNA Covid vaccine to the spotlight. But many observers don't see that ... Read more »

Shell looks at billions of investments in France

Photo: ANP Shell is looking at investment opportunities worth 4 billion euros in France. That says CEO Ben van Beurden in an interview with the French newspaper Le Figaro. According ... Read more »

Lufthansa would like 40% stake in Italian ITA

Photo: ANP The German aviation group Lufthansa would like to take a 40 percent stake in the Italian airline ITA Airways, the successor of the bankrupt Alitalia. That reports the ... Read more »
On free-english-test.com you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic