Hong Kong shares rebound, led by tech, healthcare
The Hang Seng index rose +1.0% to 24,920.76, while the China Enterprises Index gained +1.5% to 8,940.47 points. ** For the week, the and the lost 4.9% and 4.8% respectively, the highest weekly drop for both since Aug. 20.
Hong Kong shares rebounded after posting their lowest close in 10 months during the previous session, with tech and healthcare leading the gains. The Hang Seng index rose +1.0% to 24,920.76, while the China Enterprises Index gained +1.5% to 8,940.47 points.
** For the week, the and the lost 4.9% and 4.8% respectively, the highest weekly drop for both since Aug. 20. ** Shares of China Evergrande Group extended falls for the fifth consecutive session, finishing down 3.4% before slumping more than 10% in morning trading, their lowest in nearly ten years.
** Goldman Sachs and JPMorgan warned Evergrande's crisis could pose spillover risks to the broader Chinese property sector. ** The Hang Seng Property Index edged higher 0.3%. For the week, they lost 8%, the biggest weekly decline since March 2020.
** Property companies Country Garden Holdings, China Resources Land Ltd, Hang Lung Properties rose as investors bought the dips. ** The Hang Seng Finance Index went down 0.5%. Financial companies who have loan exposures to the real estate sector fell sharply.
** The Hang Seng Tech Index jumped 3.5% after losing 1% in the previous session. Internet giants Tencent Holdings, Alibaba Group, and Meituan gained 2.4%, 2.2%, and 3.5% respectively. ** The healthcare sub-index surged 5.2%, and Alibaba Health Information Technology and Wuxi Biologics are the top two daily gainers on the Hang Seng Index.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)