Hong Kong stocks end higher on gains in financials, energy firms

Hong Kong stocks closed higher on Tuesday, helped by gains in financial and energy firms on hopes of a faster economic recovery globally. ** The Hang Seng index rose 1.0% to 30,632.64, while the China Enterprises Index gained 0.1% to 11,909.63.

Reuters | Hong Kong | Updated: 23-02-2021 14:18 IST | Created: 23-02-2021 14:09 IST
Hong Kong stocks end higher on gains in financials, energy firms
Representative Image. Image Credit: Devdiscourse News Desk

Hong Kong stocks closed higher on Tuesday, helped by gains in financial and energy firms on hopes of a faster economic recovery globally.

** The Hang Seng index rose 1.0% to 30,632.64, while the China Enterprises Index gained 0.1% to 11,909.63. ** The Hang Seng financials index climbed 2.1% to lead the gains. The index is up 12.3% so far this year. The Hang Seng energy index advanced 2.6% as oil prices jumped.

** Galaxy Entertainment Group surged as much as 12% to a record high of HK$78.20, the top mover among Macau's gaming stocks that advanced on report of strong rebound in gaming revenue during the Chinese New Year. * Bond yields have risen sharply this month as prospects of more U.S. fiscal stimulus boosted hopes for a faster economic recovery globally. However, that is also fuelling inflation worries, prompting investors to sell growth stocks that have rallied in recent months.

** The Hang Seng tech index shed 1.1%. ** Investors started to wonder if some stocks were over-valued, leading to a correction in consumer and new economy stocks that had been favored by investors, Guodu Hong Kong noted in a report.

** Around the region, MSCI's Asia ex-Japan stock index was weaker by 1.7%, while Japan's Nikkei index closed up 0.46%. ** The yuan was quoted at 6.4598 per U.S. dollar by 0820 GMT, up 0.07%.

** At close, China's A-shares were trading at a premium of 34.41% over Hong Kong-listed H-shares.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)


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