Hong Kong shares close higher on bargain hunting

Hong Kong stocks rebounded on Wednesday after falling to their lowest level in more than a year in the previous session, as bargain hunters bought the dips on tech and financial shares.

Hong Kong stocks rebounded on Wednesday after falling to their lowest level in more than a year in the previous session, as bargain hunters bought the dips on tech and financial shares. The Hang Seng index rose 0.8% to 23,658.92, while the China Enterprises Index gained 0.7% to 8,426.24.

** The Hang Seng Tech Index rose 0.5%. Food delivery company Meituan rebounded from an almost eight-week low, rising 2.8%, and Tencent Holdings gained 2.1%. ** However, Alibaba Group extended losses and closed down 1.3%. The tech giant has lost more than 20% after it missed quarterly revenue expectations and forecast a slow growth.

** Financials climbed 1% after three consecutive sessions of declines. ** Energy shares jumped 2.7%, with Chinese coal miners leading the gains, buoyed by supply concerns as coal imports from Mongolia were disrupted by the recent outbreak of the Omicron coronavirus variant.

** Hong Kong-listed gambling stocks tumbled for a third straight day, weighed down by the arrests of 11 people in Macau over alleged links to cross-border gambling and money laundering. ** Worries over a crackdown in the world's largest gambling hub grew as embattled gambling group Suncity Group Holdings closed all of its VIP gaming rooms in Macau after its chairman was arrested.

** MSCI's broadest index of Asia-Pacific shares outside Japan rose 1.1%, as traders decided Tuesday's declines, which sent the benchmark to its lowest since November 2020, had gone too far.

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