Hong Kong shares end higher on tech, financial rally

Hong Kong shares rose on Tuesday as high tech and financials stocks rallied, after Chinese regulators approved a deal involving index heavyweight Tencent Holdings and after the Bank of England scrapped dividend curbs on lenders including HSBC. ** At the close of trade, the Hang Seng index was up 448.17 points, or 1.63%, at 27,963.41.

Hong Kong shares rose on Tuesday as high tech and financials stocks rallied after Chinese regulators approved a deal involving index heavyweight Tencent Holdings and after the Bank of England scrapped dividend curbs on lenders including HSBC.

** At the close of trade, the Hang Seng index was up 448.17 points, or 1.63%, at 27,963.41. The Hang Seng China Enterprises index rose 1.69% to 10,113.32. ** Tech firms in Hong Kong drove gains, with the sub-index of the Hang Seng tracking the IT sector rising 3.3% and the Hang Seng Tech index up 1.94%. ** Tencent Holdings Ltd jumped 3.93% after China's antitrust regulator on Tuesday approved its plan to take the country's no.3 search engine Sogou Inc private in a $3.5 billion deal. ** The financial sector also gained, rising 1.54% with Hong Kong shares of HSBC Holdings Plc ending 2.62% higher after the Bank of England on Tuesday scrapped pandemic-era curbs on dividends from top lenders with immediate effect. ** Sentiment was also bolstered by customs data showing that China's exports grew much faster than expected in June, and import growth also beat expectations. ** The top gainer on the Hang Seng was Geely Automobile Holdings Ltd, which gained 5.18%, while the biggest loser was WuXi Biologics (Cayman) Inc, which fell 3.1%. ** China's main Shanghai Composite index closed up 0.53% at 3,566.52 points, while the blue-chip CSI300 index ended up 0.18%. ** The yuan was quoted at 6.4655 per U.S. dollar, 0.17% firmer than the previous close of 6.4762. ** The top gainers among H-shares were Kuaishou Technology up 5.69%, followed by Geely Automobile Holdings Ltd, gaining 5.18%, and Alibaba Group Holding Ltd, up by 3.95%.

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