Hong Kong stocks inch up as financial, energy shares firm ahead of China's reopening

Hong Kong shares inched up on Wednesday as the energy sector rose on higher oil prices due to a steep drop in U.S. crude stocks, while bargain hunting boosted financial firms ahead of the reopening of China markets. ** By the midday break, the Hang Seng Index was up 2.66 points, or 0.01%, at 28,559.80, on course to gain for a second session.

Reuters | Hong Kong | Updated: 05-05-2021 10:29 IST | Created: 05-05-2021 10:21 IST
Hong Kong stocks inch up as financial, energy shares firm ahead of China's reopening

Hong Kong shares inched up on Wednesday as the energy sector rose on higher oil prices due to a steep drop in U.S. crude stocks, while bargain hunting boosted financial firms ahead of the reopening of China markets.

** By the midday break, the Hang Seng Index was up 2.66 points, or 0.01%, at 28,559.80, on course to gain for a second session. The Hang Seng China Enterprises index rose 0.17% to 10,784.15. ** The sub-index of the Hang Seng tracking energy shares rose 1.6%, while the IT sector dipped 1.32%, the financial sector climbed 0.73% and the property sector gained 0.81%.

** Oil prices rose nearly 1% on Wednesday, extending overnight gains, after industry data estimated U.S. crude stockpiles fell much more than expected last week reinforcing bullish views on fuel demand in the world's largest economy. ** Hong Kong tech index fell 1.5% to its lowest in two weeks, tracking a 1.9% dropped in the Nasdaq on Tuesday as some big tech names ran into profit-taking after U.S. Treasury Secretary Janet Yellen said rate hikes may be needed to stop the economy overheating.

** "New economy stocks and tech shares were under pressure tracking a softer Nasdaq overnight, but investors were willing to hunt for bargain ahead of the reopening of China markets," said Steven Leung, a sales director at UOB Kay Hian. ** Chinese financial and futures markets are closed from May 1 to 5 for the Labour Day holiday. Trade will resume on Thursday.

** The top gainer on the Hang Seng was Hang Seng Bank Ltd , which gained 3.29%, while the biggest loser was Haidilao International Holding Ltd, which fell 4.01%. ** Around the region, MSCI's Asia ex-Japan stock index firmed by 0.04%.

** The top gainers among H-shares were Postal Savings Bank of China Co Ltd, up 3.14%, followed by China Merchants Bank Co Ltd, up 3.06%, and Bank of Communications Co Ltd that gained 3.05%. ** The three biggest H-shares percentage decliners were Haidilao International, down 4.01%, Baidu Inc, which fell 3.57%, and Hansoh Pharmaceutical Group Company Ltd , down 3.26%.

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


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