Hong Kong shares inch higher as financials gain; developers slump
Hong Kong shares edged higher on Thursday as gains in financials offset losses in tech giants, while mainland property developers tumbled as more of them scrambled to extend debt maturities or sought to raise money. The Hang Seng index rose 0.1% to 24,429.77, while the China Enterprises Index lost 0.1% to 8,602.38. ** The Hang Seng Tech index declined 1.8%, with Tencent Holdings down 1.2%.
- Country:
- China
Hong Kong shares edged higher on Thursday as gains in financials offset losses in tech giants, while mainland property developers tumbled as more of them scrambled to extend debt maturities or sought to raise money. The Hang Seng index rose 0.1% to 24,429.77, while the China Enterprises Index lost 0.1% to 8,602.38.
** The Hang Seng Tech index declined 1.8%, with Tencent Holdings down 1.2%. ** HSBC Holdings and insurer AIA Group rose 1.7% and 1.6%, respectively. The two index heavyweights were the two biggest point contributors, lifting the Hang Seng Index.
** The Hang Seng Finance Index added 1.2%. ** The Hang Seng Composite Index-Energy gained 1.8%, with PetroChina Co Ltd up 1.8% after it forecast strong 2021 profit on higher crude prices.
** Mainland developers listed in Hong Kong tumbled 5.4%, as sentiment soured with more developers scrambling to negotiate new terms with their bondholders to avoid defaults. ** The decline was led by a 22.6% drop in Sunac China Holdings Ltd after it planned sale of 452 million new shares for repayment of loans and general corporate purposes.
** Shimao Group Holdings plunged 9.4% after it said it would hold meetings with investors in two asset-backed securities (ABS) on Jan. 17, to vote on payment extension proposals. ** Country Garden Holdings slumped 7.8% on a report it failed to find appetite for a potential $300 million convertible bond on Wednesday.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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