Hong Kong shares close down as tech giants drop; gambling stocks jump

Hong Kong shares finished lower on Friday, weighed by losses in tech giants, while gambling stocks surged as investors bought the dip on bets the sector is undervalued. Alibaba Group and Meituan shed 2.2% and 2.5%, respectively ** Sands China Ltd surged 7.1% to become the biggest percentage gainer on the Hang Seng Index, and a sub-index tracking gaming stocks listed in Hong Kong jumped 3.9%.


Reuters | Hong Kong | Updated: 14-01-2022 15:32 IST | Created: 14-01-2022 14:27 IST
Hong Kong shares close down as tech giants drop; gambling stocks jump
Representative image Image Credit: Piqsels
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Hong Kong shares finished lower on Friday, weighed by losses in tech giants, while gambling stocks surged as investors bought the dip on bets the sector is undervalued. The Hang Seng index fell 0.2% to 24,383.32, while the China Enterprises Index lost 0.6% to 8,554.79.

** For the week, the Hang Seng index jumped the most in 14 months to end up 3.8%, while the China Enterprises Index gained 3.9%. ** The Hang Seng Tech index fell 0.5%, tracking Wall Street's losses after hawkish remarks from Federal Reserve officials. Alibaba Group and Meituan shed 2.2% and 2.5%, respectively

** Sands China Ltd surged 7.1% to become the biggest percentage gainer on the Hang Seng Index, and a sub-index tracking gaming stocks listed in Hong Kong jumped 3.9%. ** "After experiencing a series of negative events in 2021, Macau Gaming is now one of the most attractive sectors for long-term investors from risk-reward and valuation perspectives," Daiwa said in a note.

** China Evergrande Group added 0.6% as it secured a crucial approval from onshore bondholders to delay payments on one of its bonds. ** However, the Hang Seng Mainland Properties Index ended lower 0.5%, as more cash-strapped developers scrambled to avert defaults or raise money.

** China Cinda Asset Management slumped nearly 10% after it planned to scrap an agreement to buy a 20% stake in the consumer finance arm of Ant Group, worth 6 billion yuan ($943.83 million).

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

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